Home Mark Carney Appointed to BOE Governor – GBP/CAD Rises
Forex News Today: Daily Trading News

Mark Carney Appointed to BOE Governor – GBP/CAD Rises

Mark Carney, who heads the Bank of Canada, will be the next governor of the Bank of England. Carney was one of the candidates, but he wasn’t the leading one. Paul Tucker was the favorite.

The announcement of Carney’s appointment sends GBP/CAD higher. Markets are cheering Carney.

GBP/CAD is now at 1.5948, up from around 1.59 before the announcement.

GBP CAD Rising on Appointment of Mark Carney as BOE Governor
GBP/CAD Rising – Click image to enlarge

Carney will replace current governor Sir Mervyn King in July 2013, and will work for a planned 5 years. Canada will set a committee to find a replacement for Carney, which will retire as BOC Governor at the end of May 2013.

Carney, 47,  is not a British citizen, but is married to one. His 4 children have a dual Canadian-British citizenship. He worked in London for Goldman Sachs.

He received many complements for his handling of the financial crisis. Canada’s unemployment rate rose during the crisis, but it wasn’t hit as hard as the UK, the US and most developed economies.

It is still to be seen if Carney will be blamed for the slowdown in Canadian housing – there is a growing debate about a housing bubble, especially in Toronto and Vancouver.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.