Barclays Capital Upside Quotations

We continue to expect two more rate hikes, but the dovish tone of the minutes suggest that upside risk to this forecast is limited.

Range-bound trade looks likely to continue for some time, though we see potential for prices to break on the upside after this consolidation phase.

There remains room for further upside this year, with fund interest continuing to be justified on...inflationary concerns, fears of economic slowdown, hopes of large Asian central bank buying.