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Carney said that UK interest rates likely to remain low for some time

Tuesday, Nov 24 2015

Bank of England governor Mark Carney has said that UK interest rates are likely to remain low "for some time". His comments came as he spoke to MPs on the Treasury Committee. UK rates have been held at 0.5% since March 2009. Most economists are not expecting the Bank to raise rates until mid-2016 at the earliest. Mr Carney said that "even with limited and gradual rate increases it still will be a relatively low interest rate environment". He added: "The question in my mind is when the appropriate time for interests to increase and that is strongly consistent with the strength of the domestic economy."

Mr Carney also said that he did not see any need for negative interest rates. And Kirstin Forbes, an external member of the Bank of England's Monetary Policy Committee, who was also giving evidence at the same hearing, said that the next interest rate move would be upwards. "Given the state of the UK economy, a solid recovery, I still believe certainly the next move in interest rates will be up, we will not require loosening," she said.

Sterling is currently being traded around 1.5120 area. Pair is likely to find support around 1.51 handle and resistance above 1.5150 level. Later today, in the US session, Prelim GDP and CB Consumer Confidence figures are scheduled for a release.

More in this category: « German Business Confidence rose to 109.0 in November US GDP increased 2.1% in Q3 »

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