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GBP Hits One Week Low on Dovish Carney Comments

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Sterling fell by almost a full cent against the dollar on Tuesday after Bank of England governor Mark Carney said now was not the time to raise interest rates, dashing some investors’ hopes that the central bank had shifted in that direction.

Speaking to London’s banking community alongside finance minister Philip Hammond a day after Brexit talks started, Carney cited weak wage growth, mixed signals on consumer spending and business investment as reasons for not moving to raise interest rates any time soon.

Sterling sank from $1.2758 to a one-week low of $1.2669 after the text of Carney’s postponed Mansion House speech was released. It also fell over half a percent to a five-day low of 88.02 pence per euro.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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