The pound is mixed this morning, dropping against the broadly stronger euro, but gaining against the dollar before the Bank of England publishes the minutes of its last policy meeting. Market participants do not expect this month’s minutes to reveal any change since March. MPC members Andrew Sentence, Martin Weale and Spencer Dale called for a rate increase at the March meeting, while Adam Posen urged for a further 50 billion pounds in special stimulus measures. The traders will be looking for clues from the minutes that will offer any guidance on the MPC’s thinking ahead of May’s meeting. Expect for the pound to remain in current ranges ahead of key data releases including retail sales numbers scheduled for tomorrow and first quarter GDP estimate next Wednesday.
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20/04/2011
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