FXCM - Whereas the Bank of England's monthly rate decision used to be overlooked in favor of the ECB's gathering (thanks predominately to the latter's news conference generating more event risk when both central bank's voted to keep rates unchanged), the tables have clearly changed for the benefit of pound traders. Similar to the situation last month, the market is heavily pricing in a quarter point cut to the benchmark lending rate, while the Bloomberg consensus of economists' forecasts is calling for no change. If there is another lowering of the overnight rate, it would be the first back to back cut since the BoE aggressively loosened monetary policy after the terrorist attacks in New York in September of 2001.