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GBPUK manufacturing PMI comfortably beat forecasts with a sharp rise to 55.1 in March, up from February’s 52.1 and the strongest reading since December 2017. Business confidence rose but Brexit uncertainty overshadowed gains in output and orders and inventories of raw materials and finished goods increased at a record pace….
GBPUK GDP growth for Quarter 4 2018 printed at 0.2% for its final reading and year-on-year GDP growth edged up 0.1% to 1.4% and business investment fell slightly less than expected. The Pound spiked higher early on reports that key Conservative MPs would back the deal and consequently the Withdrawal…
GBPWeaker sentiment meant Sterling drifted steadily lower throughout the day as market unease lingered over the ongoing deadlock in parliament. The DUP’s continued refusal to support the government’s deal has hampered the Pound. Late in the afternoon, the government announced that it would hold another meaningful vote on Friday, covering…
GBPThe Distributive Trades survey dropped sharply, printing -18 in March, far below forecasts and highlighting short-term pain in the retail and wholesale distribution sectors. The Pound suffered another jittery trading day as political developments dominated sentiment. Theresa May met the 1922 committee and offered to resign if the House of…
GBPFebruary mortgage approvals fell well below forecasts at 35.3k, down from 39.6k in January, triggering fresh doubts over the housing sector, but the impact was offset by gains in oil prices. Sterling gained on its peers throughout the morning on fresh speculation that ERG group members, notably Rees-Mogg, were starting…
GBPMonday morning saw more choppy trading for the Pound and an early dip to near 1.3160 against the Dollar. Sterling regained ground on increasing speculation that a third meaningful vote would occur this week, before renewed selling as the US came online after lunch. Northern Ireland’s DUP stated that they…
GBPChoppy trading conditions continued but the extension to Article 50 provided some support to the Pound. Speculation of a move towards a ‘softer’ Brexit increased but the clouds of uncertainty remain. Sterling also faced weaker risk appetite and a retreat in oil prices, but the upper lip remained stiff. The…
GBPFebruary’s retail sales figures bounced back by 0.4% on the previous month. An unusually warm February contributed to broad-based spending with only food sales dropping. The Bank of England (BoE) held interest rates at 0.75% as expected, and recent data being mixed and Brexit outcome still unknown, this was always…
GBPHeadline UK consumer price inflation edged up to 1.9%, beating expectations of no change. The core inflation rate, however, nudged down to 1.8% from 1.9% previously. Sterling and Interest Rate Futures were unchanged by the data. The latest CBI industrial survey reported the weakest growth rate since May 2018. Theresa…
GBPUK labour market data surprised with a drop in unemployment to a 44-year low of 3.9%, while the employment increases had also out-performed expectations. Annual average earnings growth beat forecasts of a drop when it held at 3.4%, but the jobless claimant count increased. The Sterling response was fleeting as…