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Carney – low inflation due to oil prices

BOE’s Carney, while speaking at the inflation report press conference, said the inflation in the UK remains low due to low oil prices.

Key Points

Trade outlook is particularly challenging

Net exports expected to drag on growth

Wage pressure takes a little longer to appear

Household and business confidence remains robust despite EU referendum

BOE is setting policy to get inflation to target in around 2 years

EUR/USD firmer near 1.1200 ahead of US data

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US: ISM Non-Manufacturing poses downside risks for economy – Nomura

Research Team at Nomura, notes that the Institute for Supply Management (ISM) reported that its headline non-manufacturing index declined by 2.3pts in January to 53.5, below expectations (Nomura: 56.0, Consensus: 55.1).
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