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Carney Leaves British Pound Reeling vs. Euro, Dollar and Other Currencies

Pound Sterling took a hammering after London markets closed on Thursday, April 19 after Bank of England Governor Mark Carney cooled expectations for a May interest rate rise.

Speaking to the BBC in Washington, Carney cited “mixed data” coming out of the UK economy this week saying he didn’t want to be “too focused on the precise timing” of when rates might next rise.



While an interest rate rise is likely in 2018, he clearly failed to offer the kind of hints necessary to keep a May interest rate rise alive, something markets had been certain of with financial markets pricing a 85% chance ahead of Carney's comments.

The selling of Sterling reflects the market's re-rating of such a move and also reflect how disruptive this sudden shift in communications can be for financial markets.


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