Bank of England Governor Andrew Bailey spoke at 12:15 UTC on 8 October, and sterling drifted lower across the board in the 15 minutes that followed. GBPJPY led the move, slipping 0.045% to mark the widest reaction in our feed.
Where the pound moved
GBPJPY eased from 208.998 to 208.904, a 0.045% decline and the largest of the set.
Sterling softened against the dollar too, with GBPUSD down 0.034% from 1.320735 to 1.3203.
GBPSGD followed, dipping 0.026% from 1.69309 to 1.6927, while GBPNOK edged 0.017% lower from 12.65209 to 12.6499.
The shallowest reactions came in GBPSEK and GBPCHF, each down 0.003% β GBPSEK from 13.21629 to 13.2158 and GBPCHF from 1.100635 to 1.1006, barely off their pre-release levels.
What the reaction shows
Every pound pair in our feed finished the window lower, so the reaction was uniformly soft rather than split. The move concentrated at the yen and dollar end, where GBPJPY and GBPUSD registered the clearest declines.
At the other end, the Scandinavian and Swiss crosses were effectively flat, leaving GBPSEK and GBPCHF within a whisker of where they started. With the widest move under 0.05%, the overall reaction to Bailey’s remarks was muted.
Descriptive market news from the ForexBullion Research Team. Not investment advice.
