Pound continues to rally
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The pound continued to rally today, following from last week’s gains after the Bank of England surprisingly kept interest rates on hold.

At 7.33pm (GMT) the British currency was trading at US$1.3263 up from US$1.32.00 in Friday’s close.

BOE’s monetary policy maker Martin Weales noted today that although Brexit has created some uncertainty, he was not convinced that the central bank should take drastic steps in regards to monetary policy,

“This uncertainty points to the argument that we should wait for firmer evidence before making any policy change at least in the absence of any strong arguments for an immediate change.” he said.

Brushing off concerns that the situation was comparable to the financial crisis of 2008, he noted that consumers remain calm and he doesn’t expect a repeat performance,

 “In contrast to the experience of 2008, I do not have any sense that either consumers or businesses are panic-struck and, as I observed, there have been no material signs of financial panic.” he added.

 

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