The Pound has strengthened against the EUR over the past 24 hours, following Bank of England governor Mark Carney’s address to UK parliament and business leaders. His speech outlined further points from his forward guidance scheme, as well as reaffirming that UK interest rates will stay low until unemployment falls below 7%. The content of his speech was not unexpected but his delivery and general demeanour was very positive and I think the markets reacted to this.
Further positive movement this morning could be attributed to week Eurozone economic data, including poor inflation figures for Greece. GBP is now putting pressure back on the 1.17 level and with a raft of UK data out early next week, including key PMI figures, I believe the spike may continue into early next week.
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