BoE's Cunliffe: No strong sense that the economy is contracting

In an interview with the Newcastle Journal, Bank of England (BOE) Monetary Policy Committee (MPC) member and Deputy Governor Cunliffe said that he had not picked up a strong sense that people are seeing big drops in demand and added that he didn't see the economy contracting.

The GBP/USD pair, which lost more than 100 pips on Tuesdayi failed to stage a recovery on these remarks and remains on track to post its lowest daily close since April 2017 near the 1.24 mark.