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Analysts at Scotiabank explained the overnight rhetoric from conflicting speeches between BoE members that gave rise to sterling market volatility.

Key Quotes:

“The departing BoE MPC member McCafferty is maintaining his hawkish credentials as he heads for the exit (after Aug’s policy decision), stating today that the BoE should not dither or tightening policy. However, his replacement on the MPC, Jonathan Haskel – whose first vote comes in Sep, does not appear to be cut from the same cloth, noting some risk that rates may rise to quickly in comments to UK lawmakers today. Aug BoE expectations weakened very slightly on the session, weighing on the GBP.”