It’s the big risk event for the pound this morning and both arrive at 08.30 GMT
The assumption for the MPC minutes is that Carney will be seen to be in favour of further easing and will be trying to persuade his colleagues to back him. The voting therefore will be a crucial part of the release but we can’t ignore the rhetoric. This will enable us ( hopefully ) to see how they came to arrive at the “forward guidance” statement that stamped Mr C’s authority upon arrival in his new post.
The market has therefore been selling the pound and continues to do so this morning as we edge towards the release. “Sell rumour/assumption and buy fact” could well be the outcome here depending on the market’s appetite and, of course, just how revelatory the minutes are.
GBPUSD currently down to 1.5090 pushing EURGBP up through 0.8700 again, with the pound generally lower overall.
Cable orders to follow.
