What did not happen during the London morning in terms of FX price action was more than made up for by a factor of 20 in the policy sphere. What the BoE did on the macro prudential side today is absolutely huge. What we are essentially witnessing is a central bank moving around its new policy levers, basically in real-time, in order to manage the economy for a desired result over the coming 12-18 months.
Read the full report: FX Daily
BMO