FxPro Forex Analysis: Sterling choppy after minutes

The BoE minutes to the June meeting were widely anticipated in the wake of the speech by BoE Governor Carney last week.  Although we saw the vote for steady rates at 9-0, the minutes did reflect the fact that the committee were surprised by the low probability attached to a 2014 rate rise. This has naturally changed on the back of Carney’s comments of last week and even an interview by one of the more dovish members (David Miles) reflected on this point yesterday. As such, after the initial volatility which saw Cable trade down to 1.6950 and then to 1.70, it has now settled near to 1.6960, so little changed from levels prevailing ahead of the release.