Sterling had a fairly good day yesterday as it gained back 50 pips against the single currency and over 1 and
a half cents against the greenback, after the Bank of England kept rates on hold at 5.25%. They released no
statement after, unlike the ECB who had their normal press conference. The BOE hawks remain deeply concerned
about rising inflation expectations, but the weakening UK economy remains the bigger risk now. UK
rates look set on a heading for 4.5% by the end of the year, according to David Brown, chief economist at
Bear Stearns.
No data today.
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