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Pound Sterling Loses Ground
Published: 29 Aug at 7 PM Tags: Pound Sterling, Dollar Exchange Rate, UK,
Yesterday, the pound gave up some of its recent gains despite better than expected data from the Confederation of British Industry’s [CBI] who reported in its distributive trades survey the strongest balance since November 2012.
The rise reflects the strongest growth rate in retail sales reported since November 2012, across a broad-based number of retail sectors.
Analysts pointed towards Bank of England (BoE) Governor Mark Carney’s first public speech yesterday afternoon.
Carney confirmed that he is optimistic about the UK's recovery but explained that the option of further stimulus remained a part of the 'forward guidance' framework announced earlier this month, particularly should financial conditions tighten to such an extent that “the recovery seems to be falling short of the strong growth we need.”
Carney also highlighted that the plan to keep UK interest rates low until a 7% unemployment rate is achieved is only a threshold and not a trigger so that regardless of when unemployment comes down to that level, it need not mean that the Bank rate needs to automatically begin to rise.
In another attempt to boost economic activity, Carney announced that liquidity rules for banks would be relaxed once they have met their current regulatory capital requirements with three banks, Santander, HSBC and Standard Chartered thought to already qualify to meet the criteria set by the central bank.
In total, major UK lenders will be able to reduce their required liquid asset holdings by £90 billion once the minimum 7% risk-weighted capital requirement is met.
Meanwhile, safe have flows continue to dominate the market on worries over Syria with the US dollar benefitting accordingly.
The rise reflects the strongest growth rate in retail sales reported since November 2012, across a broad-based number of retail sectors.
Analysts pointed towards Bank of England (BoE) Governor Mark Carney’s first public speech yesterday afternoon.
Carney confirmed that he is optimistic about the UK's recovery but explained that the option of further stimulus remained a part of the 'forward guidance' framework announced earlier this month, particularly should financial conditions tighten to such an extent that “the recovery seems to be falling short of the strong growth we need.”
Carney also highlighted that the plan to keep UK interest rates low until a 7% unemployment rate is achieved is only a threshold and not a trigger so that regardless of when unemployment comes down to that level, it need not mean that the Bank rate needs to automatically begin to rise.
In another attempt to boost economic activity, Carney announced that liquidity rules for banks would be relaxed once they have met their current regulatory capital requirements with three banks, Santander, HSBC and Standard Chartered thought to already qualify to meet the criteria set by the central bank.
In total, major UK lenders will be able to reduce their required liquid asset holdings by £90 billion once the minimum 7% risk-weighted capital requirement is met.
Meanwhile, safe have flows continue to dominate the market on worries over Syria with the US dollar benefitting accordingly.
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Source: moneytransfer.co.uk