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GBP/USD lower on BoE minutes

The Bank of England October monetary policy minutes showed MPC unanimously voted to leave monetary policy unchanged. 

Some points we should pay attention to: 

  • 2013 unemployment and GDP growth could be faster than forecasted in August
  • BoE expects H2 GDP to grow by 0.7% q/q or a little higher
  • The current GBP strength may reflect stronger data and lower financial system risk
  • Regulator doesn't seem to be worried by the expensive pound
  • However, there was no hawkish hints, despite the recent labor market improvements

GBP/USD extended the downside, slipping to $1.6135. 

Chart. H4 GBP/USD


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