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Carney Hints Brexit Speculation Will Not Delay Interest Rate Hikes

Carney Hints Brexit Speculation Will Not Delay Interest Rate Hikes

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • BOE’s Carney Says No Impact on Economy from “Brexit” Vote Fears
  • Carney: UK Benefitting from EU Membership, Avoiding Drawbacks
  • Pound May Rise as Traders Dismiss “Brexit” as Rate Hike Roadblock

Losing Money Trading Forex? This Might Be Why.

The possibility that the UK will vote to exit the European Union at a referendum to be held no later than 2017 has not impacted the economy so far, according to Bank of England Governor Mark Carney. Perhaps most critically, Carney said that EU rules have not kept the BOE’s policy-setting MPC committee from doing its job.

Carney offered a balanced assessment of UK membership in the common market, saying it has simultaneously raised the country’s vulnerability to global shocks while increasing its capacity for growth. On balance, Carney concluded that the UK has been able to benefit from being within the EU while avoiding the drawbacks.

As we noted yesterday, uncertainty ahead of the referendum on so-called “Brexit” – set to be held no later than 2017 – could weigh on consumer and business confidence, which may in turn prove negative for economic growth. This might hypothetically delay or slow the pace of BOE interest rate hikes. Carney’s remarks seem to play down the likelihood of such a scenario, which could prove supportive for the British Pound in the days and weeks ahead.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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