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GBPSterling fell further yesterday morning on a woeful set of sales data, well below consensus forecasts. The UK retail sales slumped -0.5% MoM, as clothing and computer games were discounted in summer sales. Core retail sales, excluding motor fuel sales, fell -0.6% MoM in June. The disappointment comes a day…
GBPUK inflation was unchanged with June’s year-on-year CPI rate held to 2.4%, below a forecasted 2.6%; energy prices were negated by price discounting. Core CPI also declined to 1.9% from 2.1%, well below consensus forecasts of 2.2%. Output prices were also slightly disappointing with a small increase in the annual…
GBP The Pound climbed higher yesterday as data generated confidence of a tight labour market, but selling pressure ramped up after lunchtime amid expectations that the government would lose a House of Commons Brexit vote. UK unemployment held steady at 4.2% in the 3 months to May but the unemployment claimant…
GBPFollowing Justine Greening’s call for a second referendum, Downing St insisted that there would be no second referendum under any circumstances. Modestly higher domestic bond yields gave some protection to the Pound in an otherwise listless day. Reports suggesting that the government would heed advice by Eurosceptic Conservative Party MPs…
GBP Friday started with the Pound under pressure following President Trump’s negative comments adding to Brexit comments. Bank of England Deputy Governor Jon Cunliffe blamed poor weather for weak first-quarter activity and added that the economy is expanding around or a little above its potential growth rate. Cunliffe also expressed some…
GBP Dollar strength kept Sterling on the defensive yesterday but the Pound edged up against a fragile Euro. The government White Paper on post-Brexit trading relationships was published and Parliament was temporarily suspended to regain order. The UK will aim to maintain a common rulebook for goods, including agricultural products with…