We'll be old and grey before we get a BOE hike according to forecasts
JPM have pushed back the forecast for a BOE hike until Q1 2017 from Q4 2016
One of the reasons we didn't see a big move lower in the pound on the crappy services number is because virtually everyone has scrubbed a hike from their near term outlooks. There's nothing left in that tank that's not priced in so the bad data has nothing more to add to the rate trade.
If we start seeing parts of the economy sliding into contraction, the market will start thinking about cuts and that will be the next kicker for a lower pound.
