BOE MPC Saunders up to the rostrum 17 Jan

  • any further tightening will be gradual and limited

Same old song

  • Jobless rate likely to fall to 4% or below in 2018 from 4.3% late 2017
  • near term outlook for UK economy is not great but nor is it terrible
  • pay growth likely to increase to 3% or more in 2018

Phew, that's ok then. Relax everyone. It's all going to be ok.

GBPUSD suitably unfazed and lower at 1.3789 as USD buyers pop back in and the ranges continue. EURGBP lower at 0.8855 as EURUSD falls to 1.2211