The growth of the pound yesterday can still be seen, as the growth rate of industrial production accelerated from 1.1% to 1.6%. At the same time, the previous data was revised upwards from 0.4%. But the growth of the single European currency can hardly be related to the pound's development. It should be preferably recognized that even the pound's growth is partly unrelated to the industrial production data.
Today, the minutes of meeting of the Federal Open Market Committee (FOMC) will be published, and the market is clearly preparing for it. Given that everyone is taking the risk against the dollar, we can assume that the markets are expecting the confirmation of the Federal Reserve's plans to raise the refinancing rate in December. Prior the release of the significant news, the market's movement is in the opposite direction based on the expected result. Moreover, market expectations have high chances to be confirmed. Inflation is growing and the unemployment rate has declined. Consequently, the Fed can raise the refinancing rate without considering other economic indicators.
The euro-dollar pair will decline to 1.1725.
The pound-dollar pair may fall to 1.3075.