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UK BoE minutes show dissenters falling into line

GBP down 55 pips to 1.5095 after minutes show 9-0 vote for steady rates. We’ve seen two members voting for higher rates since the summer of last year, so it was about time that we saw them come into line with the majority of the committee. Move largely linked to oil price and risk of more persistent decline inflation measures. We also saw the unemployment rate down to 5.8% (from 6.0%). Sterling has sustained the initial move lower. EURGBP at 0.7672.

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