The Bank of England minutes are due shortly for release and we will learn of the recent voting patterns by the Monetary Policy Committee from earlier this month.
Recently we have seen a consistent 9-0 vote against doing anything with interest rates in the UK but with a lot of positive data out in the UK more pressure is rising for an earlier rate rise than currently expected.
The statement following the minutes could provide us with more clues as to future monetary policy and I think in Mark Carney’s speech due at 1245pm UK time we could see Sterling advancing further against the Australian Dollar.
Tomorrow UK Retail Sales are due and with the weather having been very good recently and also the World Cup consumers are likely to have been spending more during this period. Therefore, I think this data will be strong and could see Sterling on the rise.
UK GDP data is out on Friday morning and with an Ernst & Young Item Club recently suggesting 3.1% this is also the highest out of the G7 nations. If the figures on Friday back this up expect Sterling strength against the Australian Dollar.
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