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This saw an initial surge in the pound as the high frequency trading algos sought to purge the market of all who were short, but the pound pulled back to close the session up 1.5%. This initially hit equity markets, but the statement made it clear that “most members of the Committee expect monetary policy to be loosened in August” and the prospect of future easing salved equities and most markets subsequently rallied strongly higher. It appears that the BOE is waiting for a better gauge on the impact of Brexit on the economy to calibrate their measures appropriately. The August meeting also times with the release of their Inflation Report round.