BoE's Cunliffe has been on the wires and was not painting a very hawkish picture at all. Cunliffe is a policy maker and he has basically told markets that there will not be the foundations suitable for a rate rise in the UK this year or even potential next year given his outlook on the UK economy. He expcts CPI to move towards goal in a few years time. There are risks to the UK economy but he says that the BoE has tools and are ready should risks emerge. If growth falters and pay production remains suck, the healing story will become increasingly less convincing. For more information, read our latest forex news.