Sell interest is touted at 1.9750, four pips above today's intra-day high. Further offers are tipped at 1.9780, a pip above last Friday's peak. Sterling support points include 1.9720 (today's Asian session top), 1.9702 (today's Asian session base) and 1.9677 (yesterday's six-week low).
Minutes from the May 9/10 BoE MPC meeting will be published at 08:30GMT tomorrow (Wednesday). These will reveal if the decision to hike the UK base rate by 25bp to 5.5% was unanimous. Blanchflower is the most likely dissenter, having voted against the 25bp rate rises delivered in January, last November and last August. The minutes will also show if anyone wanted to up the UK base rate by 50bp, a move advocated by four members of the "Shadow" MPC.
Besley and Sentance voted in favour of a 25bp hike in April. Last week's quarterly BoE inflation report hinted at a further 25bp UK base rate increase. The consensus expectation is that the UK base rate will be raised to 5.75 pct in August.
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