The pound reached a 7-week low against the euro this morning and is still weaker against the dollar. It’s thought that the recent fall is due to news that the Bank of England’s Chief Economist, Andy Haldane, will be leaving the monetary policy committee.
Haldane is usually a ‘hawkish’ member, as he tends to be optimistic about the UK economy and therefore in favour of hiking interest rates. Comments from him in the past have given the pound a boost.
After a busy day for economic data yesterday, today will be quieter. However, the final reading of labour productivity figures for the fourth quarter of 2020 will be released this morning. As well as this, we can expect a speech from BoE official Jonathan Haskel.
