The BoE MPC will deliver its monthly base rate verdict at 11:00GMT today. The verdict is touted as being 50/50 re: a 25bp hike/no change. Some knee-jerk selling of the pound may ensue if the base rate is held at 5.25% although the fact that a 25bp hike is priced in for this quarter might encourage sterling dip buying interest and limit losses.
1.9730 defines the intra-day low, plumbed after the 08:30GMT disclosure of disappointing UK industrial and manufacturing production data. Bids are tipped at 1.9715/20, with some stops pegged sub-1.9715. Additional demand is noted at 1.9700, 1.9680 and 1.9660, with further stops flagged below 1.9650. Sell interest at 1.9770/75 kept a lid on GBP/USD pre-UK IP data.
Further offers are noted at 1.9785/90, 1.9800, 1.9820/25 and 1.9840/45. A 1.9800 option strike rolls off at today's 14:00GMT NY cut. Exotic barriers are tipped at 1.9850, 1.9900, 1.9975, 2.0000, 2.0025, 2.0050, 2.0075, 2.0100 and 2.0200+. US weekly jobless claims are due at 12:30GMT. Forecast: 315k. March's US NFP number is due tomorrow. Forecast: 120k.
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