Bank of England

Submitted by Rajan Dhall from fxdaily.co.uk

All eyes are now on the midday announcement from the BoE, where a 25bp rate rise is only expected by a very few, but more anticipating signals that a move is forthcoming later this year.

The vote split will tell is whether Haldane - or anyone else - has moved to the hawkish camp, but with Forbes having left the commitee, a 6-2 split is also likely.  Comments from Messrs McCafferty and Saunders suggest there is little or no chance that they have changed their stance from the previous meeting.

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With the US out on holiday for the 4th of July, overnight trading volumes have been muted, as Europe started off in the red but has since trimmed most losses (Stoxx 600 -0.1%) while S&P500 futures rose shaprly from session lows spurred by the European open ignoring the risk-off sentiment from North Korea's latest missile launch, trading 0.2% higher, or up 4 points to 2,429 and closing the gap to Monday's last minute tech-driven market selloff.