GBP/EUR continues postive move ahead of Mark Carney’s speech tomorrow
Sterling has continued its recent resurgence against the euro pushing through 1.14 and reaching a high of 1.1432, just shy of 4 month high. This comes ahead of a key speech from Bank of England governor Mark Carney who will be speaking tomorrow at 09:15.
In recent weeks the pound has gained momentum following hints from the central bank that they may consider raising interest rates, a move that some analysts feel could significantly damage the UK economy.
Although the economy has so far managed to avoid any major downturn post the Brexit vote last June, households are coming under pressure from rising inflation due to the low value of the pound and hence the call from some to look at raising rates.
During Carney’s speech it is likely the topic of interest rates will be high on his agenda. Should he suggest it is unlikely that rates will rise in the short to medium term then the pounds recent run could come an abrupt halt.
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