The Sterling (GBP) outperformed and was the strongest currency in the market with UK CPI at 4.4% y/y and the Governor King suggesting 5.0% in the medium term was forecasted. The BOE has a mandate to fight inflation targeting 2-3%. There is little suggestion the BOE will raise rates soon however with the UK economy still struggling. Looking ahead, BOE Minutes forecast at 7-2-0.
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