BOE's Carney: Monetary policy can not prevent the weaker real incomes likely to accompany Brexit
BOE governor Carney begins his press conference 3 Aug
- BOE MPC continue to assume smooth transition to average of possible outcomes from Brexit
- MPC does not think households and businesses know the outcome of Brexit
NSS. The UK doesn't know one day to the next so how the heck so how can the rest of us ?
- uncertainty about Brexit will weigh on growth
- process of Brexit is beginning to affect UK economy's supply capacity
- investment has suffered since Brexit vote
- weaker consumer spending has dragged on growth
- global equilibrium interest rate potentially rising
GBPUSD back up to 1.3170 after 1.3140 lows. Expect sellers/res between 1.3180-00
EURGBP back above 0.9000 and holding which should help to cap cable too.