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Analysts at Scotiabank explained that the pound was quietly consolidating around 1.31 and attempting a modest stabilization near the midpoint of its one month range.

Key Quotes:

“The BoE appears set to deliver a widely expected 25bpt rate hike on Thursday, with 46 out of 58 Bloomberg survey respondents anticipating a lift in the Bank Rate to 75bpts.”

“The BoE is also set to deliver its Quarterly Inflation Report and its tone will be closely scrutinized.”

“Recent comments from BoE Gov. Carney hint to lingering Brexit concerns.”