Bank of England governor Mervyn King when before Parliament yesterday to testify about the state of the British economy. His remarks sent the sterling lower in currency trading, where it is languishing against both the U.S. dollar and the euro.
King said that the British economy would probably recover slowly. Indeed, he said that the had major concerns about whether the economy could recovery quickly at all. He also spoke in favor of keeping economic stimulus measures in place, warning that withdrawing them too early could have devastating effects.
With concerns about mounting national debt in Britain, coupled with the expectation of a slow economic recovery, it is little surprise that the sterling is moving lower in currency trading on the FX market.
0 comments:
Post a Comment