GBP/USD: No Change Expected from BoE

The Pound Euro (GBP/EUR) exchange rate is holding steady at the start of the week after booking strong gains last week.

A hawkish tone from the Bank of England lifted the Pound. The BoE kept monetary policy unchanged but raised its inflation forecast to 4% this year and said that there could be a need for a modest tightening of monetary policy.

UK GDP data for Q2 is in focus this week.

The Eurozone economic calendar was quiet last week but that is set to ramp up this week starting with German trade data and Eurozone Sentix investor confidence later today.