Forex News: BOE Blanchflower on the wires

Below are his comments from the wire reports: 

•  CREDIT CRUNCH IS STARTING TO HIT U.K.
•  U.S. NOW SEEMS CLEARLY TO BE IN RECESSION\
•  HE'S GENERALLY INCLINED TO LOOSEN POLICY
•  REAL RISK U.K. CPI MAY FALL BELOW 1%
•  AGGRESSIVE ACTION NEEDED TO AVERT RECESSION
•  REAL RISK OF U.K. FALLING INTO A RECESSION
• U.K. RATE CUT NOW MAY LIMIT HOUSE PRICE DROP
•  CONSUMER SPENDING GROWTH MAY DROP SHARPLY
•  U.S. CONTAGION IS IN THE AIR' FOR U.K.
•  WAGES ARE WELL CONTROLLED IN U.K. 
• U.K. HOUSE PRICES MAY FALL BY A THIRD
•  U.K. MONETARY POLICY IS STILL RESTRICTIVE
•  BOE SHOULD LOOSEN POLICY SOONER, NOT LATER
•  U.K. LABOR MARKET SEEMS TO BE TURNING

ANALYSIS: This should be bearish for the GBPUSD and bullish for EURGBP.