Governor Carney hints at UK interest rate cut

Hi everyone,

The Pound ends the week slightly up across the majority of the board, after an erratic few days trading. Yesterday saw the Pound fall below the £-€1.18 & £-$1.31 handles, as soon as Governor Carney voiced some surprise comments at a BoE workshop.

He suggested that the Bank were ready to deliver a prompt response to the continued weakness in the UK economy over recent months. Basically hinting at an interest rate cut. Whenever there is talk of a rate cut, the currency in relation to the country loses its value. The market was expecting to see a cut later in the year, but it seems this will now be imminent.

A smooth exit out of the EU will take place at the end of this month after the Brexit bill passed by a large majority of 99 votes. Interestingly, not one Labour MP voted in favour of the legislation. European Commission President Ursula von der Leyen met Boris Johnson on Wednesday to set the groundwork for negotiations on the future relationship between the EU & UK. "Old friends, new beginnings" was the start to her speech and she went on to talk about wanting a deal with "zero tariffs". 

Happy Friday!


Dan Waterman
Office Manager



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