6/20, 9:44 AM (Source:
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Chart for: GBP/USD Spot

Pound falls as Carney says it's not time for rate hike

The pound dropped on Tuesday as the Bank of England Governor Mark Carney said that now is not the moment to raise interest rates while he delivered Mansion House speech in London. "From my perspective, given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anemic wage growth, now is not yet the time to begin that adjustment," the governor stated.

Sterling fell 0.45% and hit a one-week low against the dollar changing hands for 1.2681 at 9:51 am CET. At the same time, the pound lost around 0.5% against the euro to go for 1.1368.

At 9:40 am, the pound was at the lowest level against the greenback so far today, buying 1.2671 while at 9:50 am CET it was at daily low against the euro changing hands for 1.1365.

TeleTrader Newsroom / DN