Published by Zeb BhamDespite near-unanimous expectation that the Bank of England's Monetary Policy Committee (MPC) will keep interest rates on hold this month, sooner or later it is going to have to confront inflation.Such is the claim of David Owen, an economist at Jeffries Group in London, who told Bloomberg that the heated debate seen recently between committee member Andrew Sentance and the bank's governor Mervyn King highlights the growing concern about inflation risks on the board."There is an elephant in the room, and Sentance is pointing it out," added Neville Hill, an economist at Credit Suisse Group in London and a former UK Treasury official.He added that more committee members will come to realise this as time goes on.The MPC will announce its monthly rate decision later today (July 8th), followed by the European Central Bank's rate decision 45 minutes later.Other factors weighing on the minds of forex brokers this morning include upcoming house price index data from Halifax, as well as monthly manufacturing output figures.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site