UK finance minister out on the wires
Tools? Yep an apt description of them both right now.
BOE action/expectations smell of over-kill/panic and markets don't like that.
GBPUSD holding 1.3150 one of the key/decent size demand/support areas having broken down through 1.3250-80
Ok, so it all confirms my bearish tones for GBP ( even if my rate cut call was wrong ) and we've haven't see the base yet but we should expect some short-term demand as traders take some money off the table.
BOE presser at the bottom of the hour here
More from Hammond:
- it's right that mon pol is used to support the economy through this period of adjustment
But it's going to need some measures from the govt too and we're unlikely to get those before the Autumn Statement
