Currency Note Sterling

Sterling falls before Mark Carney’s speech

By Smart Currency August 28th, 2013

After British financial markets were closed on Monday for the bank holiday and with no data for the pound out yesterday, these movements came mainly from speculation surrounding what Mark Carney’s speech later on today will reveal. Last month the Bank of England governor said that he intends to leave interest rates at record lows until unemployment falls back beneath 7% and that this would not be until at least the third quarter of 2016; however, with improving data emerging from the UK, investors are starting to doubt whether or not he will stick to his word. As this is the main event surrounding the currency for the week and due to the fact that Carney’s guidance is crucial for the currency going forward, today could well prove to be the most influential for the performance of the pound. Call your trader now for the latest price for the pound amid an important time for sterling.