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Next BoE governor Carney testifies before British MPs

Mark Carney, the incoming governor of the Bank of England, testified before the UK Treasury Select Committee on Thursday, after submitting written evidence. He assured that he would not alter significantly the central bank's current monetary policy strategy but that he was in favor of introducing more stimulus for a period of time and communicating it in order to help manage market expectations.

Nevertheless, he said that it would be important to review the monetary policy sporadically: "Although the bar for change... should be very high, it seems to me important that the framework for monetary policy - rightly set by governments and not by central banks - is reviewed and debated periodically."

When asked about the UK's current monetary framework, Mark Carney said that: “The flexible inflation-targeting framework should remain broadly in place, but details need to be reviewed and could be changed.”

Forex Flash: AUD in the doldrums after rough week – Westpac

The AUD has had a rough week – retail sales posted back to back declines in Nov and December, against expectations for at least a statistical bounce. Moreover, the AUD also emerged weaker after the January labor force data today, as the 10K jobs gain hid a -10K fall in full time employment while the steady 5.4% unemployment rate was aided by the participation rate falling to 65.0%, a new low since November 2006. Finally, “Tuesday’s RBA statement did the AUD no favors either as the steady hand at 3.0% was as we and most forecasters expected, with market pricing also above 80%.” writes Sean Callow, a Global FX Strategist at Westpac.
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Forex Flash: EUR/USD may rise on ECB message – TD Securities

All eyes will be pointed at the ECB rate decision and President Draghi’s press conference later today, with a slim chance for a complacent EUR/USD during the Q&A. “With no specific comments on the euro (our expectation) will be taken as a complacent attitude against the strong currency (EUR/USD up), while we see only a 25% chance Draghi tries to mildly manage the pace of EUR appreciation and only a 2% chance he does something as drastic as suggest the moves have been “brutal,” which could potentially take EUR/USD a big figure lower to 1.3450”, wrote analyst Cristian Maggio, seeing scope for bidirectional moves.
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