The British Pound outperformed overnight as Asian markets took their turn to react to yesterday’s Bank of England rate decision. Governor Mark Carney and company opted against an interest rate cut projected in consensus forecasts but hinted that easing would arrive in August instead.

It seems to have been this quasi-promise of stimulus on the horizon rather than the absence of a cut that buoyed Sterling. Indeed, the currency rose with yields only briefly after the BOE made its announcement, with the move losing steam and reversing after just an hour.

Fast-forwarding to Friday’s Asian session, the UK unit is rising alongside regional share prices and the sentiment-geared Australian Dollar while the anti-risk Japanese Yen declines. As noted yesterday, easing can be seen as supportive GBP-denominated assets if it aids UK financial stability in a post-Brexit world.

Needless to say, anything that appears to dampen UK instability fears is also helpful to overall risk sentiment in the current environment. Upbeat economic data out of China seems to have helped as well this time around. Retail sales, industrial production and second-quarter GDP figures all topped forecasts.

Carry-over momentum from yesterday’s price action appeared to be in play for the New Zealand Dollar. Prices continued to fall alongside front-end bond yields after the RBNZ appeared to set the stage for a rate cut next month.

June’s US Retail Sales and July’s University of Michigan Consumer Confidence data are in focus ahead. Receipts growth is seen slowing (0.1% vs. 0.5% prior) while sentiment holds unchanged. US news-flow has increasingly outperformed relative to forecasts since mid-May, opening the door for an upside surprise.

An upbeat result may bolster global growth bets, adding to the appeal of higher-yielding currencies while further punishing the Yen. US CPI is also on tap, but the figures’ limited implications for recently outward-focused Fed policy bets may limit their market-moving potential.