Posts
GBPThe Pound had another difficult mornings trading, ceding ground on reports that Brexit talks between the government and the Labour Party were close to collapse. Fragile global risk conditions and concerns over the international growth environment also contributed to negative Sterling sentiment. Current Prime Minister, Theresa May, declined to set…
GBPThe Pound drifted back down to pre-Bank holiday levels during Tuesday morning, failing to gain support from the markets re-opening. Weaker oil prices and weaker risk appetite globally contributed to the malaise. Brexit talks between the government and the Labour Party resumed and the Prime Minister met with the Chair…
GBPLast Friday saw UK services PMI move back up into expansionary territory with 50.4 in April, as forecasted. New business had dipped but stronger upward pressure on prices should put it back on track and business sentiment hit a twelve-month high. Both major political parties shed seats in the local…
GBPUK PMI construction data edged up to 50.5 in April; just into expansionary territory with the residential sector improving most but overall business confidence remains fragile. As expected the Bank of England (BoE) unanimously voted to hold interest rates at 0.75% and the accompanying statement concluded that domestic demand will…
GBPPositive Brexit rhetoric again gave Sterling a positive start at market open and PMI manufacturing printed in line with forecasts with a decline to 53.1 in April from March’s 55.1. New orders growth slowed with export orders suffering a notable drop at less stockpiling generally, business optimism rose to a…
GBPSpeculation that the government/Labour Party talks were making progress gave some support to the Pound, but as yet nothing of substance has been declared. There was also some comment that talks will need to conclude by the middle of next week with the government under increasing pressure to act to…
GBPThe Pound dipped lower yesterday morning following comments from a government spokesman that Brexit talks with the Labour Party had yet to yield a breakthrough. Sterling dropped to near 1.2900 on the Dollar before edging back up and the Euro strengthened slightly to just below 1.1560. Investors were wary of…
GBP UK CBI retail sales bounced back sharply with the first positive results for five-months, 13 for April from -18 the previous month. Business outlook opinions were also optimistic for May (The month not the PM). It is still uncertain whether parliament will be presented with the Withdrawal Bill again…
GBPHeadline UK consumer inflation remained at 1.9% for March, missing forecasts of a slight increase to 2.0% and the core rate also remained unchanged at 1.8%. Expectations of a Bank of England (BoE) interest rate hike this year dipped. House prices increased by just 0.6% in the year to February…
GBPUK employment data largely met forecasts; unemployment remained at 3.9%, it’s lowest level since 1975 and average weekly earnings, after adjusting for inflation, rose 1.6% compared to last year. Sterling was range-bound between 1.3000 and 1.3100. The absence of negative Brexit news and support from data front seemed to have…