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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this broker. Before deciding to trade foreign exchange you should consider whether you understand how CFDs work, your investment objectives, your level of experience and readiness of taking risk. The possibility exists that you could sustain a loss of some or of all of your initial investments and therefore you should not risk more than you are prepared to lose. Please seek independent financial advice if necessary.
|By clicking "Continue" you will be redirected to the website operated by FIBO Group, LTD company registered in BVI and regulated by FSC. Please familiarize yourself with the Customer Agreement through the link. Click "Cancel" to remain on this page.|