14 July 2016 by lberuti
It was a fairly subdued session and there was not an awful lot a volume going through. Most clients are buyers of risk and most dealers do not want to offer it, which translates into a stalemate situation even though the tone was definitely strong. The bullish sentiment which lasted throughout the day was a bit surprising considering that the BoE left rates unchanged while most observers had expected an easing of some form. They had to make do with minutes of the meeting that definitely read like “cutting” minutes: “To that end, most members of the Committee expected monetary policy to be loosened in August”. The BoE hinted previously that would tailor a response to the world that emerges post Brexit, and the markets have given them an opportunity not to rush given the recent rally.