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04.08.2011 12:28

European session: The pound snapped a two-day advance against the dollar

Data:
10:00 Germany Manufacturing orders (June)  +1.8%
10:00 Germany Manufacturing orders (June)  Y/Y +12.1% 
11:00 UK BoE meeting announcement 0.50%
11:45 EU(17) ECB meeting announcement 1.50%

The pound snapped a two-day advance against the dollar as the Bank of England kept its main interest rate at a record low to support economic growth.
Central bank policy makers left the benchmark rate unchanged at 0.5 percent, in line with the forecast of all  economists. The Bank of England kept its bond-purchase program, known as quantitative easing, on hold at 200 billion pounds ($327 billion). Gilts were little changed after rising for six straight days.
The pound strengthened against the dollar yesterday as a report showed U.K. services growth unexpectedly accelerated.
A gauge based on a survey of services companies rose to 55.4 from 53.9 in June, Markit Economics and the Chartered Institute of Purchasing and Supply said. That compared with a median forecast of economists of a decline to 53.2.


EUR/USD: the pair decreased in $1.4230 area.

GBP/USD: the pair decreased in $1.6330 area.

USD/JPY: the pair holds in Y80.00  area. 

Later the main attention will be on ECB's head Trichet's traditional press-conference at 12:30 GMT.  
US Jobless claims report also due to come at 12:30 GMT.

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