Pound Drives Above $1.55 As BOE Chief Sees Rate Hike Coming

By Carla MozeeMarketWatch Pulse

The British pound jumped above $1.55 on Tuesday as Bank of England Governor Mark Carney said the time "is moving closer" for an increase in U.K. interest rates. The pound climbed to $1.5589, compared with $1.5487 late Monday. When policy makers begin the rate-hike cycle, the pace of increases will be gradual, Carney said, speaking at a Treasury committee meeting. The benchmark interest rate is 0.5%, where it's stood since March 2009.

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