Pound rises as traders await 'key' speech

London - The pound advanced against all its major peers before a speech by Bank of England (BoE) Deputy Governor Ben Broadbent, which investors will scour for clues of his position amid a split between members of the Monetary Policy Committee.

The pound has been boosted in recent weeks amid signs of a hawkish shift among BoE policy makers, who voted 5-3 to maintain interest rates at a record-low in June. That’s left markets currently pricing in a more than 60% chance of a 25-basis-point hike by the end of this year, according to MPC-dated SONIA.

Broadbent, who is scheduled to speak at 14:30, sided with the majority at last month’s meeting, and has not made any public statements since.

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