If one looks only at the pound, the governor of the Bank of England, Andrew Bailey, scored a small victory with his statement on Monday about not hesitating to raise interest rates. His line was little more than a weak holding position, but Tuesday’s action in currency markets was mostly calm during London trading hours.
Sterling was a shade under $1.08 against the dollar in late-afternoon – not good, but no worse than 24 hours earlier. Huw Pill, the Bank’s chief economist, even got through an arranged speech without upsetting the applecart any further.
