Pound gives up most of its gains

Few people were expecting a change in the 7-1 vote so when the headlines about 5-3 were announced, the trade was to buy cable and ask questions later.

Now they're asking questions.

The big one is: Does this mean a shift in the MPC more broadly?

The answer so far appears to be 'no'. This was the last vote for Forbes so that effectively puts the balance at 5-2, which is a bit more comfortable.

Presumably, Governor Carney and the core remain committed to low rates and have seen the latest rounds of bad data. So the market is starting to treat the votes as if they were voices in the wilderness.

Cable has faded back to 1.2732 from a high of 1.2795. Another element is position squaring, after today's surprise and the Fed, there's a sense that markets are off-balance about central banks.

We were hoping to hear from Carney later in his Mansion House speech bit it appears to have been cancelled due to the London fire.