Sterling has fallen against the dollar after the Bank of England released its minutes and inflation forecast this Thursday. Only one member of the committee voted to raise interest rates this month, which are at a record low of 0.5%. Instead the BoE implied that rates may not rise until 2017.

Saxo's John Hardy says this took the markets by surprise and is in sharp contrast to the way in which the US Federal Reserve appears to be moving. Hardy says the trade to look for now is cable to the downside, particularly if Friday's nonfarm payroll figure is strong.