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GBP UK industrial production data was in line with consensus forecasts with a 0.2% increase for July to give a 0.4% annual increase while manufacturing output rose 0.5% on the month as car output recovered strongly. There was also a slightly narrower than expected trade deficit for the month, although there…
GBPThere were no significant UK data releases on Wednesday, although overall sentiment was slightly stronger amid expectations that the currency was undervalued from a longer-term perspective. In this context, there was scope for some Sterling relief unless a major breakdown in the Brexit negotiation process occurred. There were expectations that…
GBPThe UK PMI services-sector index declined to 53.2 for August from 53.8 previously. This was below consensus forecasts of 53.5 and the lowest reading for 11 months. There was, however, evidence of increased capacity constraints as order backlogs increased with a stronger rise in employment and higher prices. The Pound…
GBPThe UK Purchasing Managers’ Index (PMI) manufacturing index increased to a four-month high of 56.9 for August from a revised 55.3 for July with firm gains across all sectors. The data supported confidence in the UK outlook and initially strengthened the UK currency against its rivals. Sterling was able to…
EURFor the Eurozone yesterday, German unemployment declined a further 5,000 for August, remaining at 9.1% although there was a weaker-than-expected reading for retail sales. In terms of headline Eurozone inflation data, Neil Wilson, senior market analyst at ETX Capital, states that energy prices are driving the headline Eurozone inflation rate…
GBPThe latest UK consumer lending data was weaker than expected with a net increase of £4.8bn for July from £5.5bn the previous month with consumer credit growth at the slowest pace for 15 months. The data maintained expectations of a weaker trend in consumer spending amid Bank of England unease…
GBPThe latest round of Brexit negotiations started yesterday with some further concerns surrounding the difficult talks. There was, however, evidence of a slight shift in Sterling sentiment following the revised Labour Party policy which called for a transitional period in both the single market and customs union following the EU…
GBPUK second-quarter GDP growth was confirmed at 0.3% in the revised reading which was in line with consensus forecasts. A slight upward revision to production was offset by a downward revision to the construction sector with no change in services. There was no change in investment spending for the quarter…
GBPThe Pound hit an eight-year low against the Euro at 1.0829, which was a fall of 0.57% on the day. Yesterday, Sterling took a tremendous nosedive as the currency was infected by a bout of Brexit bearishness. On the flip side, there hasn’t really been much to force Sterling lower…
GBPUK public sector spending figures beat forecasts for July, but the Pound is inching lower against the Euro as markets remain concerned by the fact borrowing continues to outpace the previous financial year. The UK government finances data was stronger than expected with a £0.2bn surplus for July as tax…