Today's announcement from Bank of England was more dovish than expected. The split vote was 8-1 (Danske Bank: 7-2, consensus: 7-2).
The lower oil price and stronger sterling are the main reasons why BoE hesitates. For now, we stick to our view that MPC will hike in Q4 15, most likely in November.
GBP weakened both against the EUR and USD following the announcement.
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