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mpc: 7
The Committee noted that implied volatilities of sterling's bilateral exchange rates against the
dollar and the euro, as estimated from options prices, remained at three-year lows. Given press and
market commentary about global imbalances and the consequent potential for a significant change in
the pattern of exchange rates, the low level of exchange rate volatility priced in the market was
something of a puzzle, especially since the bilateral exchange rates had been much more volatile than
the sterling ERI.
The international economy
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