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Analysts at Scotiabank explained that GBP is showing signs of renewed weakness, resolving its recent consolidation in a bearish manner in response to the latest on Brexit.  

Key Quotes:

“Labor is said to back the Tory rebels’ amendment to PM May’s bill, opening up the potential for defeat.”

“Fundamentally, the latest employment data were in line with expectations, leaving domestic rate expectations unchanged with OIS pricing 18bpts of tightening for the upcoming August 2 policy decision.”

“The BoE now enters a quiet period into the decision.”