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Carney speech ”good for Sterling”
In his first public speech as Bank of England Governor, Mark Carney surprised markets with "less dovish comments than investors had anticipated". So says Neil Staines, Head of Trading at ECU Group, who believes this will help boost the Pound.
Neil thinks that Carney's comments are "very supportive for Sterling", which has potential to appreciate towards the 84 level. He also added that Carney's comments on growth were more encouraging than markets may have thought.
Carney announced that the central Bank may provide more stimulus for Britain’s
recovery if financial markets get ahead of themselves and threaten Britain's economic recovery. This, he said, was part of
the forward guidance plan announced by the BoE earlier this month.
The Bank of England spent GBP 375 billion on Government bonds between 2009 and last year to try and prop up Britain's economy.
He also announced a relaxation of rules for banks which could boost lending and help Britain's "solid but not stellar" emergence from its deep recession.
01:13 minutes
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