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GBP UK Services Purchasing Managers Index services index edged up to a 7-year high of 61.0 and the composite output index reading hit 60.7. Companies are optimistic for the effect of the economic reopening and the strong upward pressure on prices continues. As expected the Bank of England held…
GBP Global risk appetite remained firm yesterday which reduced selling impetus for Sterling, and complimented the expectations of an optimistic Bank of England policy statement today. However, potential Sterling support was offset by political uncertainty and caution ahead of the Scottish parliamentary election and local elections across the UK. The…
GBP UK manufacturing PMI was printed slightly higher at 60.9. Mortgage approvals fell to 82,700 for March, failing to match forecasts of 92,000 but mortgage lending leapt up to £11.8bn for the month, from £6.2bn previously. The strongest mortgage lending result on record was likely caused by buyers looking to…
GBP With no significant domestic economic data releases and the impending bank holiday weekend, Friday morning was a dull affair for the Pound as the Euro remained glued to 1.1500. Sterling did experience a sharp decline to lows near 1.3800 against the Dollar as traders adjusted positions. Futures market data…
GBP With no major domestic data releases yesterday Sterling was largely driven by global trends, especially as risk appetite fell in the afternoon, weakening support for the Pound but only producing a weak effect on prices. There was also caution over buying the Pound ahead of the Scottish elections. Sterling…
GBP The news that the UK Electoral Commission would investigate the funding of the refurbishment of Downing Street had limited market impact as was offset by vaccine optimism and economic recovery hopes. The political uncertainty did limit immediate demand for Sterling and it approached 1.3900 to the Dollar it did…
GBP The Confederation of Business UK retail sales index beat the forecasts as it rebounded sharply in April, producing the strongest reading since September 2018. Retailers are expecting a positive sales performance next month but with a bit of a slowdown. The easing of lockdown restrictions have boosted confidence. Despite…
GBP Sterling rose above the 1.3900 to the Dollar after yesterday’s open but failed to sustain the move as the Dollar fought back across the board. There was some caution in light of next week’s Bank of England policy meeting and Monetary Policy Report. It doesn’t appear that the Government’s…
GBP The preliminary reading of the UK Manufacturing Purchasing Managers index beat expectations as it rose to 60.7 for April, up from 58.9 previously and the strongest reading since 1994, although admittedly the data was boosted by supply-chain disruptions. The Services sector PMI strengthened to 60.1 from 56.3 previously, just…
GBP The Confederation of BritishIndustry’s industrial trends survey revealed a very strong quarterly improvement with the optimism survey printing it’s highest result since 1973. Also the data revealed a strong recovery in “investment intentions” which will strengthen underlying confidence in the Pound. Unfortunately the orders index edged lower, falling short…