BOE presser now underway 11 May

  • GBP's depreciation caused by market expectations of material adjustment to UK's medium term prospects as it leaves EU
  • projected inflation overshoot entirely reflects effect of GBP fall since Nov 2015
  • current MPC policy appropriate
  • MPC will respond in either direction to changes in economic outlook

Nothing of note as yet. Essentially a reading of the Inflation Report at this point

Q&A now underway.

Watch it live here

GBPUSD 1.2865 just off fresh session lows. 1.2850 the next line in the sand to break

Similarly EURGBP has failed into decent offers/res at 08450 so far.