Following the Bank of England's decision to keep its policy rate unchanged at 0.75%, Governor Mark Carney is responding to questions from the press. Below are some key quotes as reported by Reuters.
"Profound uncertainties over future of global trading system and Brexit are weighing on UK economic performance."
"UK PM has been absolutely clear his policy is to get a Brexit deal."
"Financial sector is prepared for no-deal Brexit."
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Bank of England lowers 2019 GDP growth forecast to 1.3% from 1.5% in May.
According to the updated economic projections in the Quarterly Inflation Report, the Bank of England forecasts the economy to expand by 1.3% in 2019, compared to 1.5% reported in May's publication.
GBP/USD off 2-1/2 year lows, still in the red post-BoE.
The GBP/USD pair held on to its weaker tone post-BoE, albeit has managed to recover around 15-20 pips from an early dip to sub-1.2100 level.
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.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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