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Bernanke spurns BOE forecasting models- GBP/USD falls further
The eagerly awaited review of the Bank of England forecasting models has just been released. This review was being conducted by the former Fed Chairman, Ben Bernanke. Bernanke has just stated that effectively the current model is not fit for purpose. He added that the Fan charts used by the BOE governor and his MPC colleagues should be consigned to the scrap heap. That is quite interesting and it does rather bring into question the competence of that MPC board, relying heavily on that data, when setting monetary policy. The Pound has not reacted positively to this news either. However, it was under pressure anyway from a continued rise in the dollar. This news has certainly given it little, or no excuse to change that right now either. The GBP/USD is currently trading at session lows, right now at 1.2463
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