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BOE Chief economist shifts the dial on UK rate cut outlook- GBP/USD lifts above 1.24

Earlier this afternoon the Bank of England chief economist, Huw Pill was speaking on the news wires and what he had to say has shifted the dial for the UK interest rate outlook. So, without going into too much detail, Pill has said that outlook for UK interest rates has not changed much since March. This rather pours cold water on what Ramdsen had to say last week and it has helped the Pound rise further. The GBP/USD has now lifted above 1.24 and that comes as the UK money markets pare back the chances of a BOE rate cut, from around 60% odds on, to now at around 50%, or slightly lower. These comments from Pill also come against the backdrop of a UK mortgage market that has seen a number of fixed rate increases over the past couple of weeks. That was very much at odds with what other BOE commentators were say about the path for monetary policy. The GBP/USD is a little off the highs right now, trading at 1.2382, but the FTSE 100 continues to edge lower 
 

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