Headlines not doing much....

The GBPUSD is trading at the 100 hour MA at 1.3190 after testing trend line support and the high for the week at 1.3272.

Headlines trickle in from Shafik..

  • Says in the category of loosing policy after Brexit.
  • BOE acutely aware of lower bound when it comes to cutting rates.
  • Proximity to zero lower and has implications for monetary policy
  • Post crisis regulatory reform won't be rolled back
  • Structural changes and legacy of crisis have pushed the interest rate required to keep our economies in balance are much lower than historical experience.

The text of the speech and the slides from the speech can be found on the BOE website. CLICK HERE.

The market reaction is somewhat muted.