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GBP Sterling edged higher amid underlying optimism over the recovery outlook with the UK currency jumping higher against the Dollar after the US employment data, but there was further resistance on approach to 1.4200 and there was a retreat to 1.4160 at the US close while against the Euro pared…
GBP The final UK PMI services-sector index was revised to 62.9 from the flash reading of 61.8 and the highest figure on record. The data helped maintain a positive Sterling tone early in the European session amid expectations of a strong near-term recovery. There was some disappointment over the latest…
GBP There was speculation that underlying strength in the housing market would lead to a more aggressive Bank of England monetary policy within the next few months and with global risk appetite also holding firm, the UK currency has been able to stabilise despite underlying caution. From lows near 1.4110…
GBP Bank of England Deputy Governor Dave Ramsden stated yesterday that there was a risk that demand could outstrip supply, pushing prices higher in the short term. He added that the bank “would not be complacent over prices”, alluding to a more hawkish (higher interest rates) policy stance over the…
GBP The Pound held its own throughout Friday but following the New York market open the gains were surrendered with lows below 1.4150 to the Dollar following the US inflation data. As the market drew to a close Sterling gained support to test the 1.4200 mark against the Dollar and…
GBP The Pound started out constrained to narrow ranges as markets looked for reasons to drive direction. Bank of England member Gertan Vlieghe commented that the Bank’s projection is that the first interest rate hike is likely to become appropriate only well into next year, with some modest increases after…
GBP In the absence of fresh UK economic data, the market focussed on Dominic Cummings’ sustained attack on the government’s covid reaction in his testimony to the House of Commons. Despite strong criticisms of Boris Johnson and Health Secretary Matt Hancock, the market seemed to assume there would be no…
GBP The Confederation of British Industry retail sales index fell quite a bit short of expectations in May with surveyed retailers concerned that initial bounce in trade following the easing of lockdown restrictions would fade quickly. The survey also showed a further decline in employment and price pressures increased. Overall…
GBP The Pound dropped against the Dollar yesterday, but held above 1.4100 despite choppy trading triggered in part by some European markets being closed for the Whit Monday bank holiday. Optimism persisted for the economic recovery, but there was further uncertainty as to whether strong demand had been priced in….
GBP The preliminary print of the UK manufacturing Purchasing Managers Index strengthened to 66.1 in May, beating expectations of 60.7 and the highest reading on record. The Services PMI strengthened to a 7.5 year high of 61.8 but this was slightly short of forecasts. Orders increased at the fastest pace…