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All the events and releases in Bank of England's (BOE) "Super Thursday" is done with. After lot of volatility net result is FTSE is marginally down, Gilts are up, pushing yields down and Pound is down -0.50% against Dollar.
BOE governor Mark Carney's speech revealed the dilemma faced by the central bank.
- At one hand Bank of England (BOE) officials trying to tackle stronger Pound. Mark Carney said that Pound's strength is likely to cause downside pressure on inflation and it is likely to influence actions of the bank.
- On the other, BOE officials are clearly preparing market for rate hike. After last month's hawkish comments, Mr. Carney said that Sterling strength will remain a policy consideration and even considering it there are clearly need to raise rates as private sector growth remain robust.
Pound is currently trading at 1.552 against Dollar. While first rate hike is likely to keep pound well bid, it will keep facing counter attack and comments from BOE officials to push it down, which might be a drag against sharp rise in Pound exchange rate.
