Markets were pricing in a @bankofengland rate hike next Autumn. Carney just signalled it won't happen - a signal King would never have given— Ed Conway (@EdConwaySky) July 4, 2013
The pound hit its lowest level against the dollar since May.
Now European Central Bank (ECB) president Mario Draghi is up to the same game. Saying that ECB rates will stay at current or lower levels for an extended period of time. He refused to define what "extended period" meant.
An extended period is not six months, it's not 12 months, it's an extended period of time.
After his statement, Draghi was asked if he would issue forward guidance. Replying, he said that "if you ask this question, you haven't really listened to my statement", and that the ECB had taken the unprecedented step of issuing forward guidance.
Apparently the ECB's Council was unanimous in agreeing to forward guidance.
The euro has also fallen to its weakest level against the dollar since May.
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