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Easy does it for the MPC

The precipitous fall in sterling since 23 June, which has seen only the Mozambique New Metical and the Sierra Leone Leone perform worse, was a predictable response to the referendum outcome to leave the EU. 

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Brexit: Wishful thinking

  • The UK Government is apparently looking at options to protect the car and financial services industries following Brexit.
  • But these proposals appear entirely unrealistic and aimed more at calming jittery financial markets.

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The ECB – Not the time for tapering

  • The future of the ECB’s QE programme has become a subject of intense speculation.
  • Given the underwhelming economic outlook and banana-skins ahead, the ECB would be foolish to taper.

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Sterling – far from flash

The past week has seen sterling perform the worst of all the world’s currencies. And with the UK Government seemingly careering headlong into a hard Brexit, it looks set to fall further from here.

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Kuroda does what he can (but it won’t be enough)

  • The BoJ announced a yield curve control framework and its commitment to over-achieve on its inflation target.
  • But without a fundamental shift in the macro policy mix, rates may have to stay at or below current levels for the next decade or beyond.

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