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To avoid a clash with the British Chancellor Rishi Sunak’s speech, the Bank of England Governor Andrew Bailey will postpone his Wednesday meeting with the Tory leaders, per Reuters.

Key quotes

‘Due to the Chancellor’s economic update on Wednesday, the meeting between Andrew Bailey and the 1922 committee – arranged before the scheduling of the Chancellor’s statement – will now take place at a later date,’ the BoE said. 

News of the meeting – the first in many years between a serving BoE governor and the 1922 committee of Conservative lawmakers – was first reported by The Spectator magazine earlier on Monday.

Market implications

As it’s not a cancellation of the event, coupled with a lack of Cable moves during the Asian session, the GBP/USD pair offers no major reaction to the news. That said, the quote seesaws around 1.2490/95 during the early Tuesday morning in Asia.