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  • Bank of England to warn living costs 'will keep soaring for two years'

    From dailymail.co.uk

    The Bank of England will this week warn of another two years of inflation misery as living costs soar. In a report on Wednesday, Governor Sir Mervyn King is expected to say forecasts three months ago were optimistic. He is likely to warn inflation will rise and remain above the 2 per cent target for two years. The report could also see growth forecasts downgraded again after a 0.3 per cent slump in gross domestic product in the final three months of last year. The Bank’s quarterly inflation report will be grim reading for Chancellor George Osborne and Mark Carney, who will succeed Sir Mervyn in July. Sir Mervyn ... (full story)

Go King go - what a sucker you are!
Why this Big Fall?
Quoting Arav007
Why this Big Fall?
Expected if you paid attention to our UK development for the past few days, it wasn't based on charts or theory. BUt based on sentiments and fundamentals we have in UK

However GBP will rise again soon, what can't go up will come down and what can't go down will go up.
I got this:
The British Pound saw a sharp 60 point decline against the US Dollar over the European session because of an article by the UK Telegraph. The Telegraph reported that the three-month Bank of England inflation report, which is set to be released on Wednesday, will raise the inflation forecast to above 2% until 2015 while lowering the growth forecast. The Telegraph predicted some dovish comments from the BoE report despite the higher inflation. The lower growth forecast would contradict earlier comments by BoE Governor King, who said a gentle recovery is underway in the UK.”
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