Sterling slips after BoE’s Broadbent speech

LONDON, July 11 (Reuters) – Sterling slipped the day’s lows
against the euro and gilt futures pared losses briefly on
Tuesday after a speech by Bank of England Deputy Governor Ben
Broadbent left the outlook for interest rates unanswered.

In a speech that focused on the benefits of globalisation,
Broadbent warned that less trade with the EU would damage
Britain’s comparative advantage in exports of financial and
business services.

Sterling weakened to the day’s low of 88.55 pence per euro
after the speech, from 88.31 pence beforehand.

It also edged down to $1.2884 from $1.2920 before
the speech, still leaving it slightly higher on the day.

British gilt futures pared losses briefly before
edging back down to their previous level, down 18 ticks on the
day.

Britain’s blue chip FTSE 100 index reduced losses
slightly as sterling edged lower after the speech, to trade down
0.7 percent on the day.
(Reporting by the London Markets Team; Editing by Jemima Kelly)

Leave a Reply

Your email address will not be published.