The market was quick to respond to the hawkish comment of BOE's Martin Weale, where buying interest pushed the pound rate higher from 1.5745 to 1.5803 (+58 pips) at the European open.
Bank of England's MPC member, Martin Weale was quoted saying, "Prepare for a UK rate rise by August." - Financial Times.
In the prior Asian session, there was already buying interest seen at the 1.5720 level rising to 1.5745 from Japanese investment demand. The EUR/USD bid tone also provided some buoyancy to the pound as the rate rose from 1.1170 to 1.1235 (+65 pips) stemming from a short covering rebound at 1.5760 and a modest return of risk appetite.
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