Sterling spikes following hawkish comments from BoE deputy governor

Up against all major currencies

Sterling has risen in early morning trading following hawkish comments from Bank of England (BoE) deputy governor Sir Dave Ramsden.

Ramsden told The Sunday Times interest rates would need to be hiked at a faster pace as a result of stronger-than-anticipated wage growth. The change in tone from the typically dovish Monetary Policy Committee (MPC) member will add to the growing belief that rates will be raised in May. Ramsden was one of only two MPC members to vote against the interest rate increase to 0.5% in November. On the news, sterling was up against all major currencies most notably climbing 0.62% to $1.406 against the US dollar and 0.26% to €1.139 against the euro. "There does seem to me more impetus o...