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The BOE (The Bank Of England) Policymaker Michael Saunders Clearly hinted a likely rate cut if a high level of Brexit uncertainty persis going forward.

Quotes

The UK economy has weakened markedly, opening up modest amount of spare capacity.

Brexit uncertainties are akin to a low puncture for the UK economy, causing growth to slow to a crawl.

Persistently high Brexit uncertainty now looks likely outcome for the Uk, even without a no-deal Brexit.

Risk to global economy are tilted towards further disappointment.

Limited and gradual rate rises needed if global growth recovers and Brexit uncertainty falls significantly.

Rates could go either way after no-deal Brexit depending on fx rate and growth. Cost of changing policy course if Brexit outcomes change is probably quite low.

Differing monetary policy changes until after Brexit outcomes clear could lead to inappropriate policy.

"Quite plausible" for BOE's next move to be cut rates, even if no-deal Brexit avoided.

The pound came under fresh selling pressure on the dovish comments, sending GBP/USD back below 1.23 handle to renewed two-week lows near 1.2285 region.

Limited and gradual rate rises needed if global growth recovers and Brexit uncertainty falls significantly.

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