The BOE MPC Minutes for the August meeting will be published at the bottom of the hour and have been keenly awaited since the meeting itself.
We’ll see whether there was any dissent on the vote to keep the bank rate at its record low of 0.5%. Last week’s Quarterly Inflation Report showed the committee believed inflation pressures remain contained, underlined by yesterday’s weaker than expected data, but Carney said that there was a wide range of views on the amount of spare capacity left in the economy.
The GBP rally on Sunday after his comments on not needing to wait for actual wages growth provided sellers with a great opportunity again.
One or two MPC members may have voted for a hike, most likely hawks Martin Weale and Ian McCafferty, so expect a 7-2 vote to be factored in. Anything outside of that may be viewed as dovish or hawkish accordingly but we’ve come a long way down in 24 hours so further selling will find demand in the dips not least the 1.6600 bids I’ve been highlighting.Hawkish-led rallies will find sellers into 1.6650-60 and 1.6700-10
The interest will be in the detail as ever but don’t forget that the timing of the first rate hike is a very moveable feast right now so caution advised still.
