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Forex: BOE Inflation Report sees lower UK growth

Unsurprisingly we have seen the BOE reduce their growth forecasts today and they remain concerned over the supply element of the labour market feeling it will continue to cap wage inflation. However, their inflation projections were broadly unchanged and the theme from the press conference has been that they do expect wage growth to accelerate and inflation to pick up noticeably with pressure building. Sterling against the dollar has erased most of the gains it made following the strong wage inflation figures an hour earlier, but GBPUSD still remains firmly around the new highs of the year.

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