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In the next MPC meeting minutes, we could see MPC member David Weale leaning towards the hawkish side. He echoes Carney’s comment that rates may rise sooner than expected.

GBP/USD is reacting positively to this speech and recovers from 1.6935 to above 1.6950.

He says that “May need to raise rates faster than markets anticipate”.

Weale says that the “slack” in the economy may be as low as 0.33% of GDP, a level that is lower than the range the BOE sees.

Earlier, the MPC meeting minutes were mixed: on one hand, the committee voted unanimously to leave rates unchanged, and also released some cautious statements about the economy. On the other hand, they  opened the door to rate hike in 2014.

You can read the full official text of his speech here.

Cable is confined to the 1.6930 to 1.70 range after already reaching a new multi-year high of 1.7011 earlier in the week.