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GBPUK PMI Services data fell slightly to 53.9 in September, a slight miss on the forecasts and down from August’s 54.3 print. The report also revealed that the pace of employment increases rose, input costs strengthened robustly, but output costs slowed to a 15-month low. The data impact was modest…
GBP UK GDP for Q2 printed in line with previous estimates at 0.4%, but the Q1 figure was revised down and the annual GDP growth fell just short of consensus forecasts at 1.2%. The current account figures showed the deficit was wider than forecast. Dave Ramsden, Deputy Governor of the Bank…
GBP Andy Haldane, the BoE’s Chief Economist stated that there was no slack in the UK economy if growth continued at the current pace, further interest rate increases would be necessary. Brexit tensions persisted ahead of next week’s Tory party conference and EU officials confirmed that the EU is prepared for…
GBP Dominic Raab, Brexit Secretary, tried to instill confidence in a Brexit deal being done and that last week’s Salzburg Summit should be overlooked. New Labour Party proposals and a new Brexit blueprint from the The Institute of Economic Affairs, supported by many leading Brexiteer MPs, only added to political confusion…
GBPSterling sentiment suffered throughout Friday following the Salzburg Summit and rumours of a major statement by Theresa May meant the Pound gradually lost ground. The Prime Minister May was terse in stating the Brexit negotiations were at an impasse (on the Irish Border) and called on the EU to make…
GBPThe Pound had another bumpy ride yesterday as the markets reacted to media reports surrounding Brexit negotiations, and although trading ranges were narrower it highlights the market participants are still twitchy. It now appears that the “Chequers Deal” is dead in the water and many Conservative Party MPs were demanding…
GBPThe August PMI services-sector index edged up to 54.3, beating expectations of 53.9 after the order book strengthened and employment rose at the fastest pace in 6 months. Brexit advocate and Ex Bank of England Governor Mervyn King’s criticism of the handling of the Brexit approach and negotiations undermined the…
GBPUK construction PMI’s dropped down from 14-month highs to 52.9, below a consensus forecast of 54.8 and Sterling dipped. Bank of England Governor Mark Carney testified, to the Treasury Select Committee, that further interest rate increases are necessary if the economy stays on the current growth path. Alluding to his…
GBPThe Pound gave false hopes of ending its run of five consecutive daily losses against the Dollar, with a gain of nearly 0.5% before lunchtime. Following 4 days of losses against the Euro, a 0.3% rally petered out at the same time, but the Pound held its ground in light…
GBPThe Pound suffered a “no-deal Brexit” selloff right from the starter’s gun yesterday. Between 8am and 11am, Sterling dropped 0.5% against the Dollar and 0.4% against the Euro. The lack of economic data means there is little to distract from the Brexit headlines, following Liam Fox’s comments that we are…