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Public Sector Net Borrowing in July fell by £272m more than expected, pushing Sterling pretty close to breaking through 1.3150 versus the Dollar on Friday and the pair dropped below 1.3030 after the UK market shut for the weekend. The Euro pushed Sterling close to the 1.1507 area before fading…
Sterling saw the first day of substantial gains yesterday as a result of Retail Sales data that smashed expectations and demonstrated that Brits are still hitting the high streets. The increase from -0.9% to 1.4% for the month of July was significantly larger than the expected increase of 0.1%, causing…
Surprisingly strong employment data from the UK set the tone early yesterday for Sterling, stopping the losses seen earlier in the week. The claimant count was significant with a reduction of 8.6k in July. This shows that the EU referendum may not have had such significant short term impact on…
Strong inflation figures from the UK put a stop to the successive days of losses for the Pound, with GBPUSD closing back above the 1.3000 threshold. Headline CPI inflation reached 0.6%, a 20-month high, whilst PPI Input (month-on-month) beat expectations to publish at 3.3%. The annual increase in output price…
Sterling came under renewed pressure yesterday and is on track to post its eighth day of overall losses against all major pairs. GBPUSD broke below the 1.2900 mark as it continues to approach the 31-year lows seen in early July. Sterling also fell to fresh three-year lows against the Euro…
Last week the Euro saw a sensational five day run of gains against Sterling to leave GBPEUR at fresh 2016 lows. The single currency strengthened against Sterling, bringing GBPEUR to 1.1547 on Friday evening. Today’s French, Spanish, Portuguese, Greek and Italian bank holidays will mean trading volumes in the European…
The UK labour market report showed the unemployment rate falling to an 11-year low of 4.9%. The stronger than expected gain for unemployment, along with a smaller than expected increase in the claimant count, helped boost underlying confidence in the UK economy. Sterling strengthened against both the Euro and the…
The Dollar index, which tracks the Greenback against six major rivals, was down 0.1% yesterday. The index is on track for flat weekly performance, which is not surprising as investors are waiting for the US jobs data due for release later today. The market consensus is for the U.S. economy…
Yesterday was a disappointing day for Sterling overall, despite stronger than expected manufacturing data. The PMI figure came in at 50.1, showing a return to growth in the manufacturing sector last month. The data was released at the same time as extremely weak net lending data from the UK, however….
Yesterday told the tale of two EU referendum polls causing volatility for Sterling unseen for over two months. The first poll was from ORB and released in the morning, printing a lead of 51% to 46% for the ‘remain’ side. This caused a strengthening of GBP against both the Euro…