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BoE: Dissent from two MPC members at November meeting

FXStreet (London) - Minutes released by the Bank of England showed dissent from two monetary policy committee (MPC) members – Martin Weale and Ian McCafferty – who argued at its November meeting that the Bank should move to hike rates to 0.75 percent against a backdrop of five-year inflation lows.

“For two members, economic circumstances continued to justify an immediate rise in Bank Rate. While CPI inflation was well below the target, this was largely the effect of the higher exchange rate and lower raw material prices.”

EUR/JPY trades above 147.00

The single currency extended gains against the Japanese Yen today, as the markets continue to bash yen post the announcement of delay in the sales tax hike by Prime Minister Abe yesterday.
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