BOE Governor Andrew Bailey spoke at 12:30 UTC on 5 November, and sterling drifted modestly higher across most of its crosses in the minutes that followed. The clearest reaction came in GBPNOK, which rose 0.14% against the Norwegian krone.
Where the pound moved
GBPNOK led the board, climbing from 12.5096 to 12.5277, a gain of 0.14%. It was the only move of real size on the feed.
Behind it, GBPNZD edged up 0.07%, from 2.39461 to 2.39621, and GBPAUD added 0.06%, moving from 1.92319 to 1.92431.
The remaining gains were slimmer still. GBPJPY firmed 0.03% to 213.44 from 213.38, while GBPSGD barely shifted, up 0.01% from 1.72011 to 1.72033.
GBPUSD was the lone exception, slipping a fractional 0.01% from 1.34706 to 1.34694 β effectively unchanged.
What the reaction shows
The move was small and lopsided. Sterling firmed against every cross on the feed except the dollar, and even there the change was negligible.
Most of the energy sat in GBPNOK; the other crosses registered only faint upticks. Against the US dollar, the pound held its pre-speech level almost exactly.
Taken together, the feed shows a muted, pound-positive reaction concentrated in a single Scandinavian cross rather than a broad repricing of sterling.
Descriptive market news from the ForexBullion Research Team. Not investment advice.
