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“The COVID crisis is very far from over, likely to be a great deal of pain for the financial sector,” Bank of England (BoE) Monetary Policy Committee (MPC) member and Deputy Governor, Sir Jon Cunliffe, said on Tuesday.

“Another sharp repricing of risk is still possible, but the first stage of the crisis is over,” Cunliffe added. “The UK could suffer more adverse outcomes than in the Bank of England’s May scenario.”

Market reaction

The GBP/USD pair paid little to no mind to these remarks and was last seen trading flat on the day at 1.2722.

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