Bailey speech: There's no premature celebration here on inflation falling

Bank of England (BoE) Governor Andrew Bailey said on Thursday that their job is not done yet and added that he is not predicting what the next interest rate move will be, per Reuters.

"There is no premature celebration here on inflation falling," Bailey noted and said that the Monetary Policy Committee has not had any discussions about lowering the interest rate.

Earlier in the day, the BoE announced that they left the policy rate unchanged at 5.25%, going against the market expectation of a 25 basis points rate hike.

Market reaction

These comments failed to help Pound Sterling find demand and GBP/USD was last seen losing 0.6% on the day at 1.2270.