There is a big hangover from soft U.S. data we had yesterday which worked in the direction of dollar weakness.

If the BOJ can deliver an exit strategy without creating undue political friction, it could be the catalyst for some associated recovery in the yen, a move that will only be amplified, the more stretched the speculative market allows itself to become.

The rise in output prices ... will not ruffle the doves unduly when the Monetary Policy Committee meets next month to decide on interest rates.

The rise in output prices ... will not ruffle the doves unduly when the MPC meets next month to decide on interest rates.

I'd be a bit nervous about the pound's rally recently. We've not seen enough evidence of a pickup in growth and the focus is still on the next rate cut, which I think we'll get in February.

Certainly, the tone of the Inflation Report did not hint at such a pronounced division within the central bank, but rather one where the majority is content to overlook shortfalls in economic activity in an environment where inflation is tracking close to target and expected to continue doing so over the forecast horizon.