FXStreet (Bali) - RBS Strategists share their view on Wednesday's BoE minutes, noting that it helped cement the hawkish shift.

Key Quotes

"The Bank of England MPC minutes released this morning helped cement the hawkish shift that was largely revealed in Governor Carney's Mansion House speech."

"But the minutes revealed that the possibility of a 2014 rate hike still largely depends on the outlook for inflation, and how the recent growth numbers manifest into renewed inflation pressure."

"The notoriously volatile monthly retail sales figures are released tomorrow and a post-Easter pullback in monthly sales volumes is expected in May, which may weigh on GBP amid a more hawkish sounding but still data dependant BoE MPC."

"We anticipate a 0.8% m/m decline in retail sales, which would bring the 3m/3m growth rate down to 0.9% from 1.7%."

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