GBP/USD: shaped by the market’s confidence in the BoE delivering an Aug rate hike - Scotiabank

Analysts at Scotiabank explained that conditions surrounding the pound today. 

Key Quotes:

"The RICS house price index rose posted a gain of 2, a little firmer than expectations of a –4 outcome, although the broader trend in UK house prices remains very soft."

"The GBP’s near-term prospects will be shaped by the market’s confidence in the BoE delivering an Aug rate hike (strong currently, with a 25bps hike 80% priced in) and next week’s parliamentary debate on the government’s Brexit proposal, which might give some indication of the risks facing PM May’s leadership later this year."