The BOE Governor testified, along with three Financial Policy Committee members, on the Financial Stability Report before the Treasury Select Committee, in London. Here are the key takeaways:

• Market view of Brexit vote most clearly expressed in the FX market
• Sterling rebound would appear to reflect some expectation that the process of the resolution would be extended
• This is the market’s view, not necessarily mine – Treasury select committee hearing, would not put much weight on short-term market movements.
• The GBP/USD had no reaction to the speech. Certainly, traders are awaiting the no-confidence vote later today.