Very quiet data yesterday with the US observing their bank holiday. GBP held marginal gains following the slower than expected services CPI print.
*Daily move - against G10 rates at 7:30am, 20.06.24
** Indicative rates - interbank rates at 7:30am, 20.06.24
So, two things for us to focus on today. With the Bank of England, we are not expecting any rate changes and expect the voting on rate cuts to show two members favouring a rate cut and the other seven electing to hold. The combination of yesterday’s CPI numbers and going into the General Election means we may not any significant changes in the BoE statement from last month's meeting. Should that be the case, GBP should continue to be supported.
Stateside we have the weekly jobless claims numbers, markets are expecting a drop in the numbers which should support the USD.
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