BOE’s Posen: More QE should be undertaken in UK

CPI could fall well below target without stimulus. A 1990s-Japan style scenario is possible.

If QE does not work, more fiscal stimulus and purchases of corporate debt should be considered.Posen wants central banks to coordinate QE policies.

Sounds like the MPC is even more split that the Fed. Sentance wants to raise rates, Posen wants to print pounds like its going out of style.

Earlier in the day there were reports of large-scale buying of EUR/GBP by a powerful US investment bank? Coincidence? YOu be the judge.

Cable traded down to retest session lows at 1.5780 and holds now at 1.5792. 1.5720/30 is very strong support on pullbacks.