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FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted the position of the BoE.

Key Quotes:

"UK PMI construction came in at 64.6 for January vs. 61.5 consensus and 62.1 in December. This is a new high for the cycle, and follows slightly weaker than expected PMI manufacturing on Monday, which fell to 56.7 from a revised 57.2 (was 57.3). No action is expected from the BOE this Thursday."

"The Bank of England is securely on the sidelines. BOE Governor Carney has already indicated that the next step in the evolution of forward guidance will be announced with the quarterly inflation report on February 12."

"Sterling is outperforming today after it saw some catch-up weakness with the euro Monday. EUR/GBP rebounded from a test of the .8200 area Monday to finish the day over 1% higher, but the rally ran out of steam today above the .8300 area. Cable earlier traded at its lowest level sinceDecember 17 but also rebounded after the PMI data."

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman

Key Quotes

"UK PMI construction came in at 64.6 for January vs. 61.5 consensus and 62.1 in December. This is a new high for the cycle, and follows slightly weaker than expected PMI manufacturing on Monday, which fell to 56.7 from a revised 57.2 (was 57.3). No action is expected from the BOE this Thursday."

"The Bank of England is securely on the sidelines. BOE Governor Carney has already indicated that the next step in the evolution of forward guidance will be announced with the quarterly inflation report on February 12."

"Sterling is outperforming today after it saw some catch-up weakness with the euro Monday. EUR/GBP rebounded from a test of the .8200 area Monday to finish the day over 1% higher, but the rally ran out of steam today above the .8300 area. Cable earlier traded at its lowest level sinceDecember 17 but also rebounded after the PMI data."
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