BOE presser now underway
- higher capital costs ultimately passed to borrowers
- no new wave of capital regulation coming. No Basel IV
- UK banks are most of the way there on capital, well ahead of 2019 deadline
- global growth remains subdued
- global environment is unforgiving
- public, private balance sheets remain stretched
- capital buffer not designed to retrain credit growth
Meanwhile GBPUSD struggling to hold gains above 1.5100.. Currently 1.5098 after posting 1.5110 Friday highs
Still looks underpinned though for the moment