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Haldane indicates no negative rates for the UK

Monday, Sep 12 2016

It is a steadier beginning of the week, with no major data releases today. Markets are awaiting for other news from the UK this week, especially BoE interest rate decision. One of the Bank of England’s most dovish policymakers has signalled that negative interest rates are not an effective tool to fight a UK economic downturn. Andy Haldane, the Bank’s chief economist, said the current environment of low interest rates had forced central bankers around the world to find different ways to cushion economic shocks.

Mr Haldane said policymakers were likely to move even further away from a focus on the “single instrument” of interest rates to boost demand and instead examine a range of tools that also promoted financial stability. Asked if he believed negative interest rates were an effective crisis-fighting tool, Mr Haldane said: “I think we need to look at a plurality of ways at looking at getting demand in the right place.

 

Sterling is currently being traded around 1.3270 level. Pair is likely to find support around 1.3240 area and resistance above 1.33 handle.

More in this category: « Aussie lower in an uneventful Monday's trade Euro little changed at the beginning of the week »

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