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British pound rises on account of BoE comments which signaled a possible faster-than-expected rate hike

Tuesday, supported by BoE Governor’s claims about the central bank’s intentions of fighting inflation which made investors and analysts suspect that the BoE would go for a rate hike quicker than expected, the British pound sterling accelerated. It was traded at $1.4143 against the U.S. dollar –  0.5% higher compared to its previous settlement. Against the euro, the pound traded at 87.715 pence after climbing higher by 0.3%.

Bank of England Governor, Mark Carney, mentioned in a speech that he could notice gradual strengthening of the private sector. Analysts believe that taking into account predictions for improvement in wages over the next few years, the Bank of England has the incentives to embark on a policy meant to bring down inflation.

Prices of oil continue to drop due to massive rise in crude inventory

Prices of oil continued to fall on Wednesday due to a larger than expected rise in U.S. crude stockpiles. API (the American Petroleum Institute) reported on Tuesday that U.S. crude stockpiles climbed by approximately 3.2 million barrels last week; U.S. drillers added 12 rigs.  The international benchmark, Brent crude futures were traded at $68.33, which was lower by 1%, or 0.69 cents, than their previous settlement. United States West Texas Intermediate crude futures settled at %63.83 after declining by 0.67 cents or 1%.

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