Pound stable as Mark Carney named new BoE governor

<p>Canadian Mark Carney has been named the new governor of the Bank of England.</p>

The pound is stable in forex trading this morning (November 27th) after Canadian Mark Carney was announced as the new governor for the Bank of England (BoE).

Mr Carney – who currently heads Canada's central bank – will take over from incumbent Sir Mervyn King in July 2013 and will serve for five years.

Sir Mervyn's time as governor is up after serving the maximum of two five-year terms in the top job on Threadneedle Street.

The Canadian will be the first non-Briton to be appointed as the governor of the BoE and was a surprise choice, given deputy governor Paul Tucker and Financial Services Authority chairman Lord Turner were also in the running.

Chancellor of the exchequer George Osborne said Mr Carney would bring the "strong leadership and external experience the Bank needs".

At 09:45 GMT, the pound was stable versus the dollar at £1 buying $1.603, while it rose against the euro by 0.1 per cent to €1.237.

Learn about the currency markets and find forex trading tips at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.