Relative monetary policy expectations appear to be in focus for the British Pound, with the correlation of spot prices and the spread between the two countries’ 3-month Libor rates tracking at the highest since December 2009 since early spring. This puts the onus on the release of the minutes from July’s Bank of England policy meeting – the first one since the government announced an ambitious emergency budget that promised to slash the deficit by 6.3 percent of GDP by 2014-15 – as markets size up the central bank’s take on the ruling coalition’s plans and their implications for where interest rates go from here. Friday’s release of second-quarter GDP figures is also of note.