Bank of England Monetary Policy Committee member Andrew Sentance feels that it is too early to spot green shoots of economic recovery.
In an interview posted on the Channel 4 news website Sentance says “We have to get to a point where the economy stops contracting before it begins to recover” adding “Therefore I think the first thing to look for is a slowdown in the rate of decline, an indication that things are bottoming out”
Seperately, in a visit to Liverpool, Sentance opined “I would be hopeful that we will see a recovery starting later this year or in 2010″ adding “The evidence I’ve seen on this visit is, I think, still consistent with that.”
Cable has come under a little pressure this morning, off about half a cent, presently at 1.5850. The recent run higher has stalled somewhat, with risk appetite not quite what it was last week.
Technical supports at 1.5835 and 1.5800.