Sterling: the big-picture view

Sterling had a lot to contend with last week in terms of both data and policy makers' comments. Ex-Monetary Policy Committee (MPC) member De Anne Julius said on Tuesday (October 15) that the UK should cut rates to deal with the threat of deflation. But inflation data came in that day -- higher than expected -- indeed core service sector inflation is running at 6%.

Adding to the mix were reports that Bank of England Governor Edward George had suggested UK rates had troughed, followed by

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