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GBPHalifax house prices rose 1.4% in July, beating consensus forecasts of a 0.2% gain. The annualised house prices printed 3.3%, up from 1.8% in July, suggesting domestic demand could be rising. The Pound was briefly bolstered by the data but was inevitably undermined by Brexit uncertainty. The market was…
GBPThe Pound remained constrained by ongoing political concerns, with Theresa May believing that a Brexit deal is the most likely outcome, before adding that ‘no deal’ was better than a bad deal. Media coverage of preparations for a no-deal scenario continued to unsettle sentiment. Sterling conceded ground against all…
GBPSterling suffered after further comment from Bank of England (BoE) Governor Carney; who stated chances of a Brexit without a deal were uncomfortably high; with only 11 weeks until a deal should be complete. UK Services PMIs for July dropped to a 3-month low of 53.5 and employment growth…
GBPUK PMI construction for July strengthened to 55.8 up from 53.1 in June, with notable strength in the residential sector contributing to beating the forecasts. But nobody noticed this. The Bank of England MPC unanimously voted to raise interest rates by 0.25% to 0.75%. In the accompanying statement, the…
Today’s market commentary is a UK special edition. At 12:30 BST, we’ll be watching the Bank of England’s Governor Mark Carney speaking, and word in the markets is that he may announce an interest rate hike – the second of its kind in a decade! The background noise has…
GBPUK bond yields edged lower throughout yesterday and Sterling failed to make headway. Foreign Secretary Jeremy Hunt reiterated his warning that the dangers of a no-deal Brexit were increasing by the day. Irish Prime Minister Varadkar was more hopeful, expectant that a deal would be made and that there was…
GBPThe Pound failed to hold above 1.3200 against the Dollar yesterday and initially drifted lower as the US currency regained ground. Euroscepticism in response to Brexit proposals hampered Sterling sentiment. Fresh Brexit concerns arose as EU Chief Negotiator Michel Barnier adopted a negative tone and stated that the UK trade…
GBPUK mortgage lending printed 40,500 in June, which just beat forecasts and is the strongest reading for 8 months. CBI retail sales also beat consensus forecasts as retailers continued to report that recent weather was shining on the high street, although sales are expected to fade in August. Next…
GBPThe Pound hovered just below 1.3080 against the Dollar as markets opened yesterday. The CBI industrial orders still beat forecasts, despite declining to 11 for July from 13 previously; cost pressures have increased and investment intentions were restrained. The government announced a relaxation of curbs on public-sector wage growth,…
GBPSterling is trading little changed, at around lower mid 1.3100s against the US Dollar and just above 1.1200 against the Euro, as Trump’s anti-Fed policy verbal intervention from last Friday carried over into this week, ignoring the mounting Brexit risks. GBPUSD jumped back above the 1.3100 handle and continued gaining…