The Great Britain pound jumped today as Bank of England Chief Economist Spencer Dale talked about the possibility of an interest rate hike next year, saying that it is a likely event.
Dale mentioned the forecast of interest rates “remaining on hold until about the Spring of next year and then rising to around 2 percent by the end of 2016” and said:
Based on what we know now, that profile for interest rates looks reasonable.
The Bank of England has kept its main interest rate record low at 0.5 percent since March 2009.
GBP/USD climbed from 1.6594 to 1.6650 as of 20:01 GMT today. GBP/JPY went up from 170.13 to 170.31, bouncing from the previous drop to 169.23.
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