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Sterling Drops to One-Week Low

Sterling Drops to One-Week Low

Katie Pilbeam, Contributor

Sterling falls to a one-week low after the Bank of England Governor Mark Carney said now is not the time to raise rates and the Chancellor of the Exchequer Philip Hammond says protecting financial services are a priority during the Brexit negotiations.

Mark Carney says rates shouldn't rise yet, arguing that it would be wrong to raise borrowing costs now, before we know how the outcome of the Brexit negotiations. Carney also said wage growth is too weak to justify a rate hike. Carney also mentioned the members split on the issue after the 5- 3 vote to leave rates unchanged.

The British Pound fell by around 0.50% on the governor’s comments and currently trades at GBPUSD 1.26650, on top of the 100-day moving average.

The Brexit negotiations are in full swing and the Chancellor of the Exchequer has said Jobs and living standards must come first adding that people didn't vote for Brexit to be poorer and it will need "every ounce of skill and diplomacy" to get the right deal.

Barclays and four former executives have been charged with fraud over the way the bank raised billions of pounds from Qatari investors which meant it could avoid government bailout. Barclays shares shrugged off the news, trading around 0.50% lower at 206p.

And finally, oil continues to feel the strain after hitting a seven-month low this week as investors worry about U.S. output growth. Brent saw another sharp move lower last night, in a continuation of the downtrend of recent weeks. With the price failing to break below $46.91, we are now seeing a short-term descending triangle in play.

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--- Written by Katie Pilbeam, DailyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.