We continue to expect the GBP to remain well supported, against both the EUR and the USD.
According to BoE Governor Carney there could be additional stimulus in terms of further quantitative easing if necessary. He also stressed that the BoE was ready to ease rates further should higher rates start to impact the economy.
Nevertheless, he similarly stressed that there are signs that the recent recovery is broad based and set to continue. This in turn suggests little scope for any near-term action.
As we share a view of further improving growth prospects, it cannot be excluded that medium- and long term rates continue to gradually rise. This is especially true should inflation risk increase on the back of further rising business activity.
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