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Pound drops below $1.70
The pound is trading at $1.6992, down 0.2% on the day after Mark Carney stated that interest rate increases would be data driven.
When Mr Carney began his role as governor, he cited 7% unemployment as his short-term target, and also stated that any interest rate increase would be limited and gradual. The larger-than-expected slack in the labour market would suggest that we won’t see interest rates rise for some time.
The pound traded as low as $1.6973 following Mr Carney’s comments, but it has recouped some of its losses. I suspect traders were expecting a more hawkish statement from Mr Carney, and now that the dust has settled we could see the pound head back to the pre-statement level of $1.7030.