Monex Europe: U.K. Politics More Likely Than Data to Drive Pound Moves

Monex Europe analysts said U.K. politics should remain the focus for pound traders because this week's inflation and jobs data have barely changed rate expectations for the Bank of England. According to Jin10, they said the Bank of England may keep rates unchanged on July 30, while new Prime Minister Burnham plans to lower the cost of living and seek flexibility within fiscal rules, leaving the pound with a modest downside bias until the budget details are released.