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Markets wait to hear from FOMC and MPC
This morning’s poor industrial and manufacturing figures for the UK have done little to push the GBP/USD rate any higher. The last couple of weeks have seen the rate drift lower at a very sedate pace. Although questions are now beginning to be asked about the likely timeline for the US to start raising their interest rate, it still looks likely that the UK will be the first to show its hand.
The next big driving forces will be Wednesday evening's Federal Open Market Committee minutes and Thursday morning's Monetary Policy Committee rate statement. As my colleague David Madden stated it could well be central bank comments that ultimately trigger another leg higher.