Carney: Pound acting like emerging market currency

Brexit taking its toll on sterling

Brexit-related volatility has caused the pound to act like an emerging market currency, Bank of England governor Mark Carney said in a speech in New York on Tuesday.

Sterling has swung throughout recent Parliamentary debates, making it a string barometer of the UK's exit from the European Union. In the past month alone, the UK's currency has risen from $1.2060 up to $1.2290, then back down to $1.2060 - at one point hitting a 34-year low. It has recovered in recent days to trade at $1.2354, a seven-week high. Brexit Blog: Parliament blocks October snap election In his speech, Carney said: "Sterling volatility, as you would know, is at emerging market levels and has decoupled from other advanced economy pairs for obvious reasons. "A variety of...