In a speech at the annual Mansion House in the
There remains more spare capacity in the economy that would need to be used up first, he said.
The timing of the first rate hike is less important than subsequent pace of rate increases, Carney told, adding that "we expect that eventual increases in
The pound appreciated almost 0.2% to 1.6958 against the dollar, its strongest since
The pound which ended yesterday's trading at 1.5202 against the Swiss franc climbed to a near 2-year high of 1.5231. The next possible upside target for the pound is seen around the 1.54 level.
The pound rose by 0.2% to a 4-day high of 172.52 against the yen from Thursday's closing quote of 172.12. If the pound extends its gain, it may find resistance at the 173.00 zone.
The pound firmed to a 1-1/2-year high of 0.7991 against the euro and held steady. Continuation of the bullish trend may lead the pound to a resistance around the 0.78 region. The euro-pound pair was valued at 0.8003 at yesterday's close.
Looking ahead, German final CPI data for May,
From the US, PPI for May and Reuters/
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