Mark Carney, seen showing off the new £5 notes in 2016, spoke of concerns among high street retailers

Sterling fell yesterday after the governor of the Bank of England hinted that an interest rate rise in May was not a foregone conclusion.

Markets had been pricing a near-certain quarter-point increase in rates next month, but Mark Carney struck a doveish tone yesterday, drawing attention to “softer” economic data from the past few weeks and pointing out that the Bank has several other opportunities this year to lift rates.

Traders were pricing the probability of an increase on May 10, when the Bank’s monetary policy committee announces its decision alongside its updated economic forecasts, at almost 90 per cent. The positioning by traders had sent sterling to a post-Brexit high of almost $1.44 earlier this week.

After Mr Carney spoke, on the fringes of