Bank of England policy decision at 19:00. Markets expect a fifth consecutive
hold; 2–3 committee members may dissent and the BoE could signal
earlier-than-expected QT, which would challenge the consensus that rates will
remain on hold for the year. US June PCE and advance Q2 GDP due at 20:30 — the
first major data after the Fed's July meeting and a potential near-term steer on
rate expectations.
