UK Sterling Down on Diminishing Prospects for Rate Hike

The Great Britain pound fell today due to concerns that the struggling economy will not allow the nation’s central bank to raise interest rates as soon as was expected.
Mark Carney, Governor of the Bank of England, sounded somewhat cautious during his speech today. Earlier, BoE Chief Economist Andy Haldane said:

I see the balance of risks around UK GDP growth and inflation as skewed materially to the downside, more so than embodied in the November 2015 Inflation Report.

Tuesday’s data also did not support the case for monetary tightening, demonstrating the slowest pace of retail sales growth in nine months.
GBP/USD dropped from 1.5121 to 1.5081 and GBP/JPY declined from 185.73 to 184.72 as of 20:51 GMT today.

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