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Pound traders are awaiting BOE minutes and might keep mute until the release.
Bank of England (BOE) minutes will be released at 8.30 am GMT. Pound is trading around 1.496 this morning, showing strength this week with bulls looking to break 1.50 area.
Last time Pound bulls failed to close above 1.50, after trading around 1.506 intraday.
What to watch for in the Minutes-
a) Primary focus will be on MPC members' vote. As of now MOC members remain united over policy maintenance with 9 voting for no change in policy after two hawkish members joined the neutral club since January this year.
b) Following focus will be on what members are concerned about other than inflation. BOE governor Mark Carney expects inflation to remain close to zero and with no intention to chase fall over lower energy prices. Economic indicators such as domestic demand and manufacturing growth remain lacklustre. Focusing on weaker growth with lower growth expectation could be a dovish signal.
c) Several MPC members have expressed concern over pound strength mainly against European and Asian counterparts. Focus will be on, how concerns members are over such.
Pound bulls and bears are well balanced in the short term and general bias is towards bearish side due to upcoming election.
Chances are high Pound may play contrary, moving up over neutral stance by MPC members and take out the bulls around 1.50 area.
Any change in vote either side would be very volatile.
