Economic Calendar Wednesday, July 22

- Australia is to publish data on consumer price inflation, while Reserve Bank of Australia Governor Glenn Stevens will speak at a public event.

- The Bank of England is to publish the minutes of its July policy meeting.

- The U.S. is to release private sector data on existing home sales as well as a government report on crude oil inventories.

 'GBP/USD clinches highs above 1.5600' via @FXstreetNews for Androidhttp://www.fxstreet.com/news/forex-news/article.aspx?storyid=9f0467cd-663a-4682-ae56-cfbae34be672

BOE and MPC member confirm that interest rate will start rising over next few years but will be gradual. GBP/USD surge higher to 1.5625.

LONDON--Bank of England officials voted unanimously in July to keep the central bank's benchmark interest rate steady, but their united front masks an increasingly lively debate over when to start raising borrowing costs.

Minutes of the Monetary Policy Committee's July policy meeting published Wednesday, show all nine members of the rate-setting panel voted to keep the BOE's benchmark rate at a record low of 0.5% earlier this month. All nine also voted to leave the BOE's bond portfolio at 375 billion pounds ($583.51 billion).

The minutes record that for "a number" of officials, the decision not to raise rates was a close call. For these unnamed officials, the debt crisis in Greece, was "a very material factor" in voting to keep rates on hold.