Published: Sat, April 21, 2018
Global | By Shelia Dennis

United Kingdom pound drops as central bank chief tempers rate hike talk

United Kingdom pound drops as central bank chief tempers rate hike talk

Attempts by the Pound to mount a recovery later in the afternoon also proved to be short lived following comments by Bank of England (BoE) Governor Mark Carney late in the day.

Another Bank of England member Michael Saunders has said signs of a United Kingdom slowdown is 'questionable.' Saunders has also claimed that he will be looking to vote for a rate hike as he did previously.

Carney's comments struck a chord of alarm in currency markets, which had previously been banking on a rate rise.

Rate rises could come faster then expected. "As for the next one".

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Mr Saunders examined the word "gradual" as noted in the MPC's guidance.

"'Gradual" does not imply that the MPC can only raise rates at a very low frequency, such as once per year.

"Nor does "gradual" mean that the MPC can not tighten faster than markets price in", Mr Saunders said.

The 500,000 borrowers on one of the most popular deals, Nationwide's base mortgage rate tracker, would likely see their interest rise from 2.5% to 4%, taking the monthly bill from £785 to £923 on a £175,000 loan.

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For investors, that was a clear hint that a quarter-point rate increase to 0.75 percent at the next policy meeting on May 10 may not be guaranteed. "Productivity is not increasing, which will limit the rate at which people's wages can pick up".

"Despite the recent softness of United Kingdom inflation, we expect him to reiterate his call for a near-term United Kingdom rate hike", says Nikesh Sawjani, an economist with Lloyds Bank Commercial Banking.

The governor's comments followed weaker-than-forecast inflation data, a drop in retail sales and mixed labour-market figures this week. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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