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Analysts at TD Securities note that as widely expected, the Bank of England’s MPC unanimously voted to leave policy on hold today.

Key Quotes

“It acknowledged that the economy has evolved broadly in line with its August Inflation Report forecast, upgrading its nowcast for 18Q3 growth but flagging increasing worries about trade tensions on global growth.”

FX: As expected, the September MPC meeting did not provide a large directional push for the GBP. Political risks remain the main focus and these are building to another near-term peak. This leaves us cautious and reluctant to embrace a bullish view on sterling, but we note the GBP looks increasingly vulnerable to a short-squeeze.”

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