12th September 2014
The pound has ticked higher against the US dollar in forex trading markets today (September 13th), advancing following comments from Bank of England governor Mark Carney in the previous session.
He voiced concerns regarding the Scottish independence referendum, indicating the country would be required to build up billions of pounds of sterling reserves if it wished to keep the currency in the event of a split.
All three of Westminster's major political parties have stated they would attempt to block Scotland keeping the pound should the "yes" campaign prevail in the September 18th referendum.
Mr Carney said he will provide the Treasury select committee with greater details on how sterlingisation would have to work and this is expected later today. The governor indicated currency stockpiles equivalent to 25 per cent of Scotland's GDP could be the minimum level required.
The pound's gains have been limited ahead of the publication of US retail figures that are likely to support calls for the Federal Reserve to begin lifting its interest rates. Early in the European trading session, sterling was up by 0.04 per cent at $1.6261.
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