BoE's Carney: UK not fully prepared for a cliff-edge Brexit

Eren Sengezer FXStreet

Bank of England Governor Mark Carney is now delivering his comments on the recently published Financial Stability Report.

Key quotes (via Reuters)

UK not fully prepared for a cliff-edge Brexit.
Monetary policy can do little to offset potentially significant hits to productivity that Brexit could entail.
Our job is not to hope for the best but prepare for the worst.
Disorderly Brexit scenario set out by BoE is worst case of an unlikely scenario.
Proportion of businesses that have activated contingency plans is a fraction of businesses as a whole.
For many businesses it is very difficult to plan for border frictions.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.