US ratings agency Standard and Poors out with a note on the UK 11 July

  • decline in real wages to weigh on household spending
  • GDP to slow to 1.4% this year on Brexit uncertainty
  • sees BOE ultra-accommodative stance continuing in medium term

Regular readers will know I agree with this view but plenty prepared to differ.

BOE talking heads Haldane and Broadbent speaking in the next couple of hours. (Update: Broadent now due up at 12.30 GMT rather than 11.00 GMT as BOE site first posted)

GBPUSD failing into the 1.2920 offers/sell interest with EURGBP finding option related demand between 0.8820-25 but we still can't ignore the larger interest between 0.8775-80 as I warned earlier .

If the sell side is on a serious mission to drive EURGBP lower then we can expect GBPUSD to remain underpinned. Watch the p/a for further clues.

Mirror mirror on the wall who's feeling the love most of all today?