Sterling back up to 1.5650 after BoE minutes show 2 members still dissenting in favour of higher rates. This is despite the chance in tone in the latest Inflation Report and deterioration in the global economy since August, when both started dissenting in favour of tightening. The spread of views on the committee is wider than anticipated, the doves worried that any tightening could well have to be reversed given current inflation trends. The hawks take the view that the amount of slack in the economy could be used up more quickly than anticipated, resulting in higher inflation that the current central projection. All in all, this makes for a more difficult sterling outlook, but the market is unwilling to run away with the hawks, especially given wider fears surrounding the global economy.