BOE’s Broadbent sees 'powerful demand effects' as a result of the virus impact
|The Bank of England (BOE) Monetary Policy Committee (MPC) member Ben Broadbent said on Monday, he sees 'powerful demand effects' as a result of the virus impact.
Additional quotes
Coronavirus crisis is quite unlike a normal cyclical downturn.
Hard to think distinctly about the hit to demand, supply.
BOE stimulus designed so that hit to demand does not outstrip that to supply.
Size of virus hit is 'very, very material'.
GBP/USD reaction
The above remarks fail to have virtually no impact on the pound, as GBP/USD attempts recovery from a drop to 1.2434.
At the time of writing, GBP/USD trades at 1.2457, still losing 0.35% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.