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US leading indicators rose to their highest level since May 2015 in October, and Eurozone and Chinese data are looking strong as well. While some investors may be worried about asset (and particularly equity) prices, Saxo Bank's Peter Garnry says the global macro landscape looks solid.
Squawk / 14 September 2017 at 11:08 GMT
Head of FX Strategy / Saxo Bank
Denmark
Bank of England: Initial market read is hawkish, though this comes after a fairly large adjustment lower in the pound from highs in recent days versus the US dollar. The vote was once again 7-2 in favour of keeping rates unchanged at 0.25% and suggests that the CPI could exceed 3% in October while Brexit continues to serve as the main challenge for the outlook.

The sterling supportive bit is perhaps the surprising (to the market and us) and fairly strong upgrade to the guidance:

"A majority of MPC members judge that, if the economy continues to follow a path consistent with the prospect of a continued erosion of slack and a gradual rise in underlying inflationary pressure then, with the further lessening in the trade-off that this would imply, some withdrawal of monetary stimulus is likely to be appropriate over the coming months."

This has UK rates a few basis points higher from the lows this morning as the market moves forward the anticipated date of the first rate hike.

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