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GBPRatings agency Moody’s announced yesterday that the UK’s credit rating could be at risk given that the election outcome was likely to delay and complicate Brexit talks. Moody’s, however, also stated that the outcome could lead to a ‘softer’ Brexit which would have some positive implications for the credit rating,…
GBPWith the Conservative Party still negotiating a coalition with the Democratic Unionist Party after falling short of an overall majority, political uncertainty dominates. There is rising expectation that Theresa May’s stewardship will be short-lived, and that the Conservative’s Brexit stance will move from “Hard” to “Soft”, which is currently preventing…
GBPSterling was confined to narrow ranges yesterday as markets waited for the general election result. The UK currency made headway against the Euro pushing to 1.1550 while there was a test of 1.2950 against the Dollar. The election exit poll projected that the Conservative Party would be the largest party…
GBP Halifax house prices for May recorded an increase to 0.4% with annual growth at 3.3%, up from 3.0% previously. The Rightmove house price data recorded a net positive balance of 17% from 22% previously amid further evidence of an underlying slowdown, although the overall impact was marginal. The final…
USDUS JOLTS job openings rose to 6.04m for April from a revised 5.79mn previously; the strongest reading for over 20 years, maintaining confidence in the labour market. The Dollar was unable to gain any traction from the data with the currency still undermined by a revision to Federal Reserve policy…
GBP UK PMI services index fell more than expected at 53.8 for May from 55.8 in April. There was some evidence that election uncertainty has had a negative impact on confidence, and even evidence of inflationary pressures easing, supporting business confidence and calming Bank of England fears surrounding the inflation…
GBPThe British Pound opened lower on Monday as markets reacted to yet another terror attack in London, although it has held within two-day old trading range between 1.2850-1.2900 region. The latest polls point to a tighter race than previously expected; it was stated that this was the Conservatives’ election to…
GBPUK manufacturing PMI declined less than expected from 57.00 to 56.7, indicating ongoing growth in the sector. However, the impact on Sterling trading was negligible and was driven mainly by the UK elections yesterday. The Euro pushed as high as the 1.1422 area, but no sustained break occurred whilst Cable…
GBPThere was a decline in net UK consumer lending to £4.3bn for April from £4.7bn the previous month as consumer credit growth slowed slightly and there was a decline in mortgage approvals. The data suggested a slight net slowdown in spending growth, although the political and technical factors dominated during…
GBPUK Consumer confidence edged higher to -5 from -7 previously while there was a 0.4% decline in shop prices in the year to May; the slowest decline for over three years as food prices continued to rise. The majority of recent opinion polls continue to suggest that the Conservative Party’s…