Pound Heads for Weekly Advance Even as BOE Tightening Odds Ease
- Sterling stronger in week against most Group-of-10 currencies
- Ten-year gilt yields edge higher Friday, snapping two-day drop
BlackRock's Watson Doesn't See BOE Moving Anytime Soon
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The pound was on track for weekly advances against most major peers ahead of the Bank of England’s policy decision, even though the prospect of near-term monetary tightening has been dimmed by lackluster economic data.
Sterling held its weekly gain versus the dollar, with the BOE due to announce its decision on interest rates and release the quarterly inflation report on Aug. 3. The market-implied probability of a rate increase by year-end has fallen to 34.5 percent, from 41.4 percent before a July 26 report that showed growth held near a one-year low in the second quarter.