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mpc: 12 and a growing view that the Millennium date change need not deter the MPC from changing policy in December. Market prices, surveys and anecdote had suggested some expectation of a December rate rise, although it was seen in the market as less than an even chance. A47 Merger and acquisition news had been supportive for sterling at some points during the month. Changes in risk reversals traded in the foreign exchange options market had been small over the month, but had suggested that the markets perceived some risk that sterling would rise further against the euro, but fall against the dollar.