Sterling retreats after Carney comments The pound soared earlier in the month amid speculation over an interest rate rise from the Bank of England in May, but sterling has staged a sharp retreat since Mark Carney hinted of a delay following recent weak economic data. Sterling had climbed back above $1.43 for the first time since January after the ONS declared the return of real wage growth – seen as a key prompt for higher interest rates. However, the governor pointed to bad economic news from heavy snowfall and weak retail sales, sending the pound back below $1.40. Sterling remains about 6% less valuable versus the dollar than before the 2016 referendum. FTSE 100 rises as pound weakens What’s bad for the pound is good for the FTSE 100 because many of the companies in the index make substantial profits in dollars and export around the globe. The weak pound, which is a boon for these firms, has helped the index of bluechip British shares rise by almost 400 points over the past month. Fears over a potential trade war between China and the US rattled markets earlier in the month but a softer tone from Donald Trump and the… Read full this story
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