BoE's Broadbent: No comments on economy nor monetary policy

In his speech titled 'Winners from Globalisation,' Ben Broadbent, Deputy Governor Monetary Policy, Bank of England, didn't comment on the monetary policy or the current economic outlook, disappointing the investors who were pricing hawkish remarks. The GBP/USD pair quickly lost more than 50 pips after the speech was published on the BoE's website.

Key quotes:

• Globalisation has been far from a smooth process over the last 150-year
• World trade has stalled, relative to GDP, since the financial crisis
• Real income benefit of lower import prices probably most marked for those at lower end of distribution