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May 18 - 08:55 AM

GBP/USD - COMMENT-Sterling Traders To Watch Summer Shape-Shift At BoE MPC

By Rob Howard  —  May 18 - 06:55 AM

Sterling traders will keep tabs on the impact of a personnel change on the Bank of England's Monetary Policy Committee in July, when Megan Greene replaces dove Silvana Tenreyro.

Greene will cast her first monetary policy vote on Aug.
3, when the BoE may be deciding whether to raise rates to 5% (if it hikes by another 25 basis points to 4.75% next month).

Tenreyro will attend one more MPC meeting on June 22 when she has the opportunity to make headlines by voting in favour of a rate cut (Tenreyro and fellow dove Swati Dhingra voted against the BoE's last four rate hikes).

The possibility of an ultra-dovish swansong from Tenreyro will be higher if there is a steeper than expected decline in UK CPI from 10.1% before her MPC exit.
UK April inflation data is due next Wednesday, with May inflation data due on June 21 -- a day before the next BoE rate decision.

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