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GBPDowning Street has announced that Theresa May will enact Article 50 by letter to the European Council next Wednesday. In the same briefing a snap general election, aimed at undermining the SNP’s position, has been dismissed. The Pound held steady yesterday morning, but dipped lower following the Article 50 announcement,…
GBPAfter three consecutive trading day advances, GBPUSD seems to be looking for a stronger catalyst other than USD-weakness to extend its gains further north of the 1.2400 level. The UK currency also found significant support against the single currency as GBPEUR hit the 1.1500 level. The domestic front stays pretty…
GBPAs expected, there was no change to UK interest rates yesterday, so the Bank of England (BoE) base rate remains at 0.25%. Kristin Forbes, who leaves the BoE at the end of June was the lone voice in voting for an immediate rate hike, citing concerns that domestic inflation pressure…
EURVoters in the Netherlands are going to the polls today in the first of three crucial Eurozone elections this year. The race is dominated by current Prime Minister Mark Rutte’s centre-right party and that of Geert Wilders, who is running on an anti-immigration platform. Mr Wilders has pledged to take…
GBPSterling suffered across the board on Friday after UK industrial production declined 0.4% and manufacturing output declined 0.9% in January, following growth in both areas last month. The data suggested underlying growth within manufacturing and, although there was only a slight decline in the January trade deficit to GBP10.8bn from…
GBPThe UK Chancellor Philip Hammond delivered his first full budget statement yesterday. He upgraded the 2017 GDP forecast to 2.0% from 1.4%, but forecasts for subsequent years were downgraded slightly. The 2016/17 budget deficit forecast was lowered to £51.7bn from £68.2bn previously, although this primarily reflected one-off factors and medium-term…
GBPSelling pressure around the British Pound remained incessant, with GBPUSD breaking through the 1.2200 level, dropping to seven-week lows on Tuesday. The downturn came after Theresa May faced a second Article 50 defeat in the House of Lords. Market participants believe that the defeat in the House of Lords might…
Article 50 is still a concern for markets with the government facing another round of parliamentary votes this week. There is the potential for legal challenges which could jeopardise the planned timetable for triggering Article 50. The result is of little doubt however, with a fresh legal challenge refused and…
Sterling recorded gains for a third straight day against the Euro and the Dollar, reaching fresh three-week highs versus the Dollar – above 1.3230. The Pound also penetrated the psychological barrier of 1.1765 against the Euro and soared above 133.00 versus the Japanese Yen. Today the CBI Survey is the…
Yesterday’s empty economic calendar was reflected by the lack of trading volumes throughout the currency market. There was little volatility between all major pairs and news was dominated by other factors. News in the UK came from the World Travel and Tourism Council (WTTC), who are predicting a growth of…