After an impressive start to the week, sterling traded fairly flat for most of yesterday as there were no major UK data releases. The highlight of the UK releases was news that the UK’s trade deficit decreased more than expected in February, from £9.5 billion to £9.1 billion in February. This news briefly boosted sterling. Early evening though the US released the minutes from their latest US Federal Open Market Committee meeting which saw sterling appreciate by over a cent against the US dollar as the minutes were more circumspect on when US interest rates will rise that the Federal Reserve Chairwomen had been following the actual meeting.
Today sees the release of the interest rate from the Bank of England and the level of quantitative easing from the UK. Neither of these figures are expected to change, although any of the accompanying statements by the Monetary Policy Committee may incite market movement.
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