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Theresa May delivered a rousing speech yesterday as she confirmed that the UK will be exiting the single market and the customs union. Firing a warning a shot to EU negotiators, she proclaimed, “no deal is better than a bad deal”. The city approved of the plans for a transitional…
The Pound had a miserable weekend, falling 1.2% as soon as the Asian session started. Prime Minister May’s speech today has caused speculation that the UK intends to leave the single market in order to gain full control over immigration, causing a Sterling selloff. The Pound did find support around…
GBP The Pound fell to the lowest level against the greenback since the early October flash crash over the weekend, based on reports that the UK Prime Minister Theresa May would signal a ‘hard Brexit’ during a keenly anticipated Brexit speech tomorrow. May is expected to add emphasis on curbing…
Theresa May has disclosed that she will give a speech next Tuesday to set out her plans for ending Britain’s membership with the European Union. The news reinvigorated ‘hard Brexit’ fears and Sterling weakened across the board during the US trading session. Investors believe that the Prime Minister will announce…
The UK’s trade deficit rose more than expected, negating the positive impact of strong growth in manufacturing and industrial production. The Office for National Statistics (ONS) revealed that the volume of goods exported rose at a three-month rate of 1.1%, up from the previous report which showed a 2.7% decline….
With the effects of Theresa May’s “ambitious Brexit” comments starting to fade, Sterling entered calmer waters as the Brexit tensions returned to the background. The rise in UK retail sales figures has been attributed to a last minute rush to the tills at Christmas. UK production, trade balance and the…
Yesterday the British Foreign Secretary, Boris Johnson, commented that Britain is “first in line” for a trade deal with the US. After talks with Donald Trump’s senior advisers, Mr. Johnson explained “one thing that won’t change though is the closeness of the relationship between the US and the UK.” Boris…
Following a lack of economic data for the UK on Friday, Sterling fell due to political tensions surrounding a hard Brexit. Theresa May commented yesterday that the UK would look to prioritise immigration limits over keeping access to the EU’s single market. The markets are expecting May to attempt to…
The US ADP employment increase was lower than expected, with private-sector job growth the culprit. Initial jobless claims dropped sharply, close to the lowest level for 43 years, however the data may have been distorted by the holidays. The ISM non-manufacturing report was slightly stronger than expected. Factory orders and…
Construction PMI data for the UK in December printed the strongest reading since March last year, with an increase from 52.8 previously to 54.2. Over the Christmas period there were mixed reports from retailers, although consumer lending data results were in line with expectations and consumer spending remained firm. Sir…