The British Pound depreciated against the Greenback by 49 base points or 0.36% falling further to touch an intraday low at the 1.3483 mark, after the Bank of England’s Governor Mark Carney delivered a speech on Monday.
Mark Carney provided no signs that could undermine the last week’s BoE decision to keep key rates unchanged at 0.25%, but noted that the Central Bank would need to raise interest rates gradually and at a limited extent in the coming months given higher inflationary pressures and the lingering erosion of slack in the country’s economy. The Bank of England’s monetary stimulus withdrawal would be capable of returning inflation to its 2% target, down from the 2.9% registered in August.
