Comments from Bank of England officials during the week, pointing to the need to reduce asset purchases earlier than expected, failed to lift the pound significantly. “The impact
on GBP was limited, partly because the next step in the eventual policy normalisation process (rate hikes) remains still some way off. Despite the increasing Covid-19 cases, the UK government will deliver the final part of the reopening/end of restrictions on 19 July”, explain ING
analysts. Next week UK data includes June retails sales and July PMI, both reports due on Friday.