In an interview with the Newcastle Journal, Bank of England (BOE) Monetary Policy Committee (MPC) member and Deputy Governor Cunliffe said that he had not picked up a strong sense that people are seeing big drops in demand and added that he didn’t see the economy contracting.
The GBP/USD pair, which lost more than 100 pips on Tuesdayi failed to stage a recovery on these remarks and remains on track to post its lowest daily close since April 2017 near the 1.24 mark.