The clear implication of Andrew Bailey’s press conference following last week’s Monetary Policy Committee meeting was that the Bank of England is close to feeling able to cut interest rates.The headline rate of inflation has consistently fallen since the start of the year, which is a condition that Bailey set out in a previous speech. This was the first meeting in two years when no member voted for a rate increase. Catherine Mann, the Committee’s “resident hawk,” “celebrated” her reappointment to the committee by voting for no change, as she was close to doing in February.The only dissenting voice came from Swati Dhingra, who continued her “campaign” for rates to be cut immediately since she believes that the economy may be headed for a hard landing where inflation falls well below the Bank’s 2% target.Now that the three most influential Central Banks with the G7 have held their March meetings, the Bank of England has taken over as the one expected to cut rates first.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.