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mpc: 4 The sterling effective exchange rate index (ERI) had been flat over the past month, but had fallen by around 1% since the time of the November Inflation Report. Looking back over a longer period, sterling had been broadly stable within a fairly narrow range. The dollar had appreciated over the past month against both the euro and yen. The movement in the dollar-euro exchange rate was perhaps a little surprising given the upward shift in longer-term euro-area interest rates.