Global macro overview for 22/07/2015:
The highly anticipated BoE minutes from its July MPC monetary policy meeting are today's the most important news event that might shed some light on further BoE interest rate decision. The 0-0-9 pattern that dominated before the minutes outcome for the recent months might finally see some changes. BoE governor Mark Carney says that the decision on when to start the adjustments to the normalization policy is getting more and more probable at the turn of the year. The two biggest hawks in the MPC group, Martin Weale and Ian McCafferty, might even vote for a rate hike today. If anyone else will join them, GBP/USD will rally to the upside.
The scheduled news release is as follows (GMT):
08:30 Great Britain MPC Minutes
08:30 Great Britain MPC Official Bank Rate Votes
08:30 Great Britain MPC Asset Purchase Facility Votes