GBP soars as BoE's Haldane backs monetary tightening

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The pound is the strongest major currency following the Bank of England meeting after chief economist Andy Haldane decided to enter a rate hike camp for the first time since 2011. As a result, we were offered 3 votes in favour of a hike (just 2 votes had been expected) increasing odds for such a move in August. The BoE also changed its mind with regard to when to start trimming its balance sheet, and now it expects the process could be considered once the main interest rate hits 1.5% (2% previously). The GBP is rising over 0.5% against the US dollar shortly before the US opening.

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