UK & GBP: watching key data and new BoE member Tenreyro joining – Scotiabank

Analysts at Scotiabank explained that UK Markit Construction PMI reflected slightly slower than expected growth in the sector last month, with a reading of 54.8 versus expectations of a 55.0 reading and compared with May’s 56.0 result. 

Key Quotes:

“Note the UK manufacturing PMI reported slightly slower growth in June as well (54.3 versus May’s 56.7); slower growth momentum may temper BoE hawks’ pressure for tighter policy near-term.”

“New MPC member Sylvana Tenreyro joins the BoE this week and markets will carefully comb any comments she makes to get a sense of her policy bias.”

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