Caution reigns on Threadneedle Street

MARKET NEWS

LONDON -- The Bank of England is unlikely to tweak UK interest rates at this week’s Monetary Policy Committee (MPC) meeting, market participants told FX Week.

Speculation had been mounting that the bank could move to raise rates after a surprise rise in inflation, but falling retail sales figures and lacklustre gross domestic product levels have restored the status quo.

"We don’t expect any change," said Will Rugg, senior currency analyst at Standard & Poor’s MMS in London. "However, the Bank

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