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  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -0.08% Silver: -0.15% Oil - US Crude: -1.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SBDzWJasKB
  • Heads Up:🇲🇽 Markit Manufacturing PMI (JUL) due at 14:30 GMT (15min) Previous: 48.8 https://www.dailyfx.com/economic-calendar#2021-08-02
  • 🇺🇸 Construction Spending MoM (JUN) Actual: 0.1% Expected: 0.4% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-08-02
  • 🇺🇸 ISM Manufacturing PMI (JUL) Actual: 59.5 Expected: 60.9 Previous: 60.6 https://www.dailyfx.com/economic-calendar#2021-08-02
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.95%, while traders in France 40 are at opposite extremes with 77.71%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vX2hDZmPKv
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: -0.30% Silver: -0.36% Oil - US Crude: -0.94% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/qch5ll9KdF
  • 🇺🇸 Markit Manufacturing PMI Final (JUL) Actual: 63.4 Expected: 63.1 Previous: 62.1 https://www.dailyfx.com/economic-calendar#2021-08-02
  • Heads Up:🇺🇸 Construction Spending MoM (JUN) due at 14:00 GMT (15min) Expected: 0.4% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2021-08-02
  • Heads Up:🇺🇸 ISM Manufacturing PMI (JUL) due at 14:00 GMT (15min) Expected: 60.9 Previous: 60.6 https://www.dailyfx.com/economic-calendar#2021-08-02
  • The Pound extended on its recovery throughout the week across the board, with major GBP pairs testing key psychological levels. Get your $GBP market update from @JMcQueenFX here:https://t.co/DgMzCHsZ0E https://t.co/idYJjFyGyL
GBP Traders Eye BoE's Super Thursday Releases | Webinar

GBP Traders Eye BoE's Super Thursday Releases | Webinar

Nick Cawley, Strategist

GBP Talking Points

Check out our new Trading Forecasts: They’re free and have been updated for the second quarter of 2018

Bank of England and the Rate Hike Dilemma

BoE governor Mark Carney turned mildly-dovish a couple of weeks ago, pulling the rug under the feet of a strong GBP complex. With the first look at UK Q1 GDP showing growth at a miserly 0.1%, and with inflation falling slightly faster than expected, the UK central bank may have to delay the start of policy normalisation for longer than expected. This realisation has hit GBP hard against a wide range of currencies, especially against a resurgent USD, where interest rate hikes are already ongoing with more expected later this year. One beneficiary of a weaker GBPUSD is the FTSE 100 which is back within reach of its recent all-time high.

IG Client Sentiment data show traders remain long of GBPUSD but positioning has changed over the last week. Download our free guide to see how sentiment shifts can help you make more informed trading decisions.

DailyFX provide a wide range of free, constantly updated Trading Guides including Forex for Beginners, Top Trading Lessons and The Number One Mistake Traders Make.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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