• But we are also maintaining some prudence
• Our forecasts point to no inflation slowdown in June through to August
• We are sensitive to some hiccups in the disinflation process

The point on June to August being no slowdown in price pressures is in other words a mask that they will stay on hold until September at the earliest. Once again, this effectively rules out a move in July.

This article was written by Justin Low at www.forexlive.com.