BOE's Cunliffe says underlying trend for the pound is still down

Author: Mike Paterson | Category: Central Banks

BOs deputy governor Cunliffe in scheduled appearance before lawmakers 12 Oct

  • November forecasts will reflect GBP decline
  • will not express a view on whether the market is right on the pound

Sir Jon Cunliffe is appearing at the enquiry by the upper House of Lords into the effect of Brexit on financial services . He is joined by witnesses Mr Huw Evans, Director General, Association of British Insurers Mr Stefan Hoffmann, Head of European Affairs, Swiss Bankers' Association Mr Miles Celic, Chief Executive, The City UK

Watch it live here       

  • need to make sure that banks continue to focus on non-Brexit risks
  • great uncertainty about extent to which fin firms will leave UK   
  • uncertainty about UK future trade   
  • BOE continues to make contingency planning with other central banks

Meanwhile GBPUSD 1.2260 after a dip to 1.2240 EURGBP 0.8994

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