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GBP: BoE speakers are back – ING

Markets are monitoring Keir Starmer’s first week as UK Prime Minister following an uneventful election day for sterling and gilts, notes ING FX analyst Francesco Pesole.

All eyes on BoE speakers

“We doubt the fiscal outlook will have an impact on the pound for now, while French political developments, US macroeconomic data and Bank of England (BoE) rate expectations will remain the biggest drivers for the British Pound (GBP).”

“Bank of England (BoE) officials will begin speaking publicly again after a period of silence before the election, with hardline outsider Jonathan Haskel speaking today, and Huw Pill and Catherine Mann (another hardliner) speaking on Wednesday.”

“The UK data calendar includes May GDP (Thursday) but is relatively quiet ahead of next week’s June inflation report. We see some downside risks to GBP/USD this week given the spillover effect from EU political risk, which however means a return of EUR/GBP above 0.8500 has been further delayed.”

Source: Fx Street

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