Carney Sees Brexit Pushing up Inflation

GBP  USD Daily Chart- Pivot Points

But it slid from its highest level since the Brexit result after Carney's comments on Monday, which some analysts said were aimed at managing market expectations of the pace and number of rates hikes from the British central bank.

Some analysts predicted that there could be a United Kingdom interest rate hike as soon as November, with another following in the first half of 2018.

However, BOE Governor Mark Carney rushed to cool the enthusiasm of policy bulls, saying Britain is still lagging behind other G7 nations economically, which is only the third time in three decades the United Kingdom experienced such an economic slowdown. Negotiations are deadlocked, leaving officials to navigate a process fraught with political uncertainty.

Markets are generally disappointed with the Reserve Bank of Australia's cautiousness, as other major central banks have recently taken more hawkish tones.

"UK economic growth has unquestionably slowed from the rates seen throughout much of 2016", Nina Skero of CEBR said.

Meanwhile, the number of workers hailing from eight of the EU's most recent European Union member states, including Slovakia, Poland and the Czech Republic, fell 1.1% year-on-year in the quarter through June. The ECB is likely to announce plans next month for phasing out its bond-buying program in response to a buoyant eurozone economy.

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On balance, he said inflation remains likely to overshoot the Bank's 2 per cent target over the next three years, forcing the MPC's hand.

We also believe that the case for further BoE action after any initial hike will be limited by persistent slow United Kingdom growth, a steady easing back in consumer price inflation after a probable peak just above 3% in late-2017 (as the impact of sterling's past sharp drop fades) and Brexit uncertainties.

The BoE governor also said there are global factors that could justify United Kingdom policy tightening soon. Inflation has been largely stoked by the Brexit decision, which caused the pound to drop sharply, raising the cost of imported goods like food and energy.

Some of Carney's comments were interpreted as more dovish in the wake of last week's MPC statement, reinforcing the view that the rate-hike cycle in the United Kingdom will be very shallow-or "limited and gradual", to use Carney's phrase.

Carney warned and added that there remains "considerable risks" to the outlook for the United Kingdom economy. He also said the economy would underperform the Group-of-Seven average through mid-2018.

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