Speculation about a hawkish Carney fizzles
Cable fell back to 1.5486 from 1.5500 as Carney stuck to regulatory issues in his speech. He lamented volatility in his comments but that's exactly what the pound has been feeling over the past week.
There have been a series of 50-120 pip moves that have been virtually meaningless. That makes for a tough market to trade in; at least if you're trying to stay in a trend.
Mike correctly sniffed out that Carney would want to be cautious after roiling markets at last year's Mansion House speech when he said rates may rise sooner than markets expected (they didn't).
However, Mike looks at how Osborne could be the main event.
Update: The volatility is relentless as it's right back to 1.5522.
