BOE MPC Saunders in Q&A after speech 31 Aug

  • a rise of 0.25% in bank rate would be quite small
  • no sign of UK productivity improvement yet
  • no definite FX level for pound that would trigger concern
  • we must take the exchange rate as it is
  • part of recent pound fall is perception of better EU growth

Yep, and some back-tracking on rate hike rhetoric.

GBPUSD 1.2893 just off session lows as EURGBP rally fades into 0.9230

Saunders says BOE has no definite FX level in mind