Carney Speech: Big picture is that UK potential growth has moved down

Mark Carney, Governor of the Bank of England (BoE), is responding to questions from the press, with key headlines, via Reuters, found below:

• Big picture is that UK potential growth has moved down
• Will not tie hands of MPC by expanding on view on timing of first rate hike
• We have been operating in exceptional circumstances and will do for some time due to Brexit
• We can take a little longer to bring inflation back to target
• As time goes on and spare capacity is used up, trade off between growth and inflation lessens

Key notes:

GBP/USD still near session lows on Carney’s presser

GBP/USD is now attempting to rebound from daily lows following the press conference by Governor M.Carney, currently hovering over 1.3160/50 after dropping as low as the 1.3140 region.

GBP/JPY tumbles 150-pips post BOE announcement

The GBP/JPY cross witnessed a sharp reversal from 2-week high level of 146.80 and tumbled nearly 150-pips post BOE decision.

About Mark Carney 

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.