The pound has weakened over the past month on balance further against the EUR. The EUR benefiting from the prospect of rising interest rates will benefit in the euro area, but increases the uncertainty over whether the Bank of England (BoE), as originally conceived in fact promptly raising interest rates. The high inflation rates suggest such an approach - since the end of 2009, inflation is continuously well above the BoE target price by 2%. Most recently, the annual inflation rate has indeed weakened from a peak of 4.4% to 4.0%, but this should not be interpreted as a slowdown in momentum. We expect that the inflation rate still occupies a return to higher levels. The central bank does not mean that the inflation rate