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Sterling waiting for FPC

Sterling just below the 1.70 level on cable ahead of announcement by the Financial Policy Committee.   There is expectation that they will announce some measures to take the heat out of the housing market. Any measures on this front could well curtail further sterling strength on the basis that they will make an interest rate before the year end less likely, but this may not be sustained given that Carney has previously stressed that such measures were not a substitute for higher rates (Mansion House speech).  The Aussie also feeling a little more assured this morning, holding above the 0.94 level for the moment.

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