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The Bank of England’s (BoE) current stance of monetary policy is appropriate but, on balance, risks are to the downside, BoE policymaker Jonathan Haskel said on Wednesday.

Additional takeaways

“Worryingly, the indicators of rising unemployment are already revealing themselves.”

“There remains a great deal of uncertainty as to how many of the currently furloughed workers will be able to return to their jobs.”

“Activity appears to be coming back faster than we anticipated.”

Market reaction

The GBP/USD pair edged slightly lower following these remarks and was last seen trading at 1.2393, where it was down only 0.05% on the day.