23 Jul 2014
BoE minutes reviled, next month is key - BBH
FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman touched on the Bank of England minutes that were released earlier.
Key Quotes
“While the vote to maintain policy was 9-0 with no dissenters, minutes show that some on the MPC saw diminishing risks that a small rate cut would derail the economic recovery."
"BOE stressed that the timing of a hike remains data dependent, and suggested that new forecasts next month in its Quarterly Inflation Report will be key. Minutes will be followed by June retail sales on Thursday and advance Q2 GDP on Friday."
"Momentum appears to be strong as we move into Q3, and firm data will surely feed into expectations of an earlier BOE tightening path".
Key Quotes
“While the vote to maintain policy was 9-0 with no dissenters, minutes show that some on the MPC saw diminishing risks that a small rate cut would derail the economic recovery."
"BOE stressed that the timing of a hike remains data dependent, and suggested that new forecasts next month in its Quarterly Inflation Report will be key. Minutes will be followed by June retail sales on Thursday and advance Q2 GDP on Friday."
"Momentum appears to be strong as we move into Q3, and firm data will surely feed into expectations of an earlier BOE tightening path".