Sterling has turned lower after a speech by Bank of England Deputy Governor Ben Broadbent.
GBP is down –0.21% at £1.2861
Of late, sterling had found support on rhetoric from Bank of England (BoE) policymakers have hinted at a possible rate rise.
Mr. Broadbent did not mention monetary policy in his speech to the Scottish Council for Development and Industry, in Aberdeen, but was cautious on Brexit’s impact on trade.
Mr. Broadbent said “a significant curtailment of trade with Europe would force the U.K to shift away from producing the things it’s been relatively good at.”
The market is paring back its bets on a rate hike actually happening at all this year
GBP/USD trades down -0.2% at £1.2855, down from £1.2917 before the speech. EUR/GBP is at €0.8865 vs. €0.8834 beforehand.
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Dean Popplewell
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