- The House of Lords and the House of Commons will debate the EU Withdrawal Bill amendments and a loss for PM Theresa May will amplify calls for a new government.
- The Bank of England will leave monetary policy unchanged on Thursday.
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GBP is currently in a holding pattern as investors position themselves on the sidelines ahead of a crucial House of Commons vote on the recent amendments to the EU Withdrawal Bill. A defeat for the ruling government would send Sterling lower – with no real support for GBPUSD seen until around 1.3000 – and see cabinet members jostling for position for a shot at the top job.
The Bank of England MPC decision on Thursday is unlikely to move markets but BoE governor Mark Carney’s speech at the Mansion House later in the evening will be closely followed for any hints on the current state of the UK economy. While inflation moves slowly towards target and the UK employment remains at multi-decade highs, the second quarter UK GDP figures are again expected to disappoint after recent weak manufacturing and industrial output data.
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--- Written by Nick Cawley, Analyst
To contact Nick, email him at nicholas.cawley@ig.com
Follow Nick on Twitter @nickcawley1
