BOE presser now underway

  • higher capital costs ultimately passed to borrowers
  • no new wave of capital regulation coming. No Basel IV
  • UK banks are most of the way there on capital, well ahead of 2019 deadline
  • global growth remains subdued
  • global environment is unforgiving
  • public, private balance sheets remain stretched
  • capital buffer not designed to retrain credit growth

Meanwhile GBPUSD struggling to hold gains above 1.5100.. Currently 1.5098 after posting 1.5110 Friday highs

Still looks underpinned though for the moment