As expected but let's see what's hiding in the Minutes
- effective sterling exchange rate has been volatile recently. 1.9% stronger than May
- drag on inflation from sterling strength may persist
- factors lowering inflation may dissipate "fairly shortly"
- UK policy path won't be set by other central banks
- strength of headwinds to growth have started to ease
- for 2 members of MPC the interest rate vote was finely balanced
- housing risks can be addressed by FPC
- fiscal consolidation likely to weigh on growth
- disorderly outcome on Greece is a significant risk
Nothing outrageous or new on first sight, except that two members are chomping at the bit to raise rates still.
GBP finding good demand on the better wages release which is worth more attention now that the jobs report as per my preview
Improving wages will be one of the headwinds that the MPC refers to above
GBPUSD 1.5722 near session highs after triggering stops through 1.5700
EURGBP 0.7168 with more bids nearby
Full Minutes published by the BOE here
