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Bank of England (BOE) Governor Mark Carney on Thursday noted that the underlying pace of growth in the United Kingdom’s (UK) economy was “relatively modest” and reiterated that the financial sector was ready for a no-deal Brexit.

“The strong financial system does not mean there would not be big market moves after a no-deal Brexit,” Carney further elaborated. “The big picture is that the more severe Brexit is in the short term, the weaker the pound is likely to be.”

The British Pound’s reaction to these comments was relatively muted. As of writing, the GBP/USD pair was up 0.42% on the day at 1.2256.