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October saw Sterling take the wooden spoon again as the worst performing currency in the world and, having consistently fallen across the board since April, is a shoo-in for the annual title too. The Pound found some respite after Bank of England (BoE) Governor Carney stated yesterday that he will…
The Pound suffered from moderate month-end selling on Friday, compounded by Northern Ireland’s High Court Ruling that Article 50 can be enacted without parliamentary approval. The ratings agency Standard & Poor’s has questioned whether Sterling can continue to be a global reserve currency. The UK currency declined to just below…
The UK’s first post-Brexit GDP Quarter 3 data exceeded markets’ expectations and posted a reading of 0.5% growth, mainly due to service sector performance. The Bank of England’s latest forecast had assumed 0.3% growth for the quarter. As a consequence of the reading there will be a further upward adjustment…
Yesterday, the Pound recovered following Tuesday’s comments from Treasury Head Philip Hammond that he wouldn’t oppose an extension of quantitative easing. Mortgage approvals printed slightly higher but had little effect on currencies. The Pound is still benefitting from Governor Carney’s comments suggesting that the bank might decide against any further…
The Pound weakened across the board yesterday, falling by 1% against the Euro and 1.16% versus the Dollar. The UK currency fell as Bank of England (BoE) Governor Mark Carney testified to the Treasury Select Committee, warning that threats to the independance of the BoE could tarnish Sterling and prompt…
UK CBI industrial data printed substantially weaker than expected, with headline orders falling to -17 from -5 previously. The data also revealed that Sterling weakness aided the export sector and there are still expectations of rising output for the next quarter. Yesterday Sterling fell below 1.2200 against the Dollar by…
The latest UK government borrowing data printed weaker than expected with an increase in the September deficit from a year ago, maintaining concerns that the deficit would continue to grow over the next few months. The UK economist at Capital Economics, Paul Hollingsworth, expects Chancellor Philip Hammond to provide a…
Sterling maintained a relatively steady tone yesterday, drifting up to 1.1235 against the Euro, and remained within a 50 pip range against the Dollar, closing not far from the opening price. UK retail sales data was slightly weaker than expected with an unchanged reading for September, although the August data…
Sterling saw some improvement during yesterday’s European trading session as we saw slight rises against both the Dollar and the Euro; the UK currency’s biggest one-day gain in a month. The UK unemployment rate held steady at 4.9%. However, there was a decrease in UK average earnings which came in…
The Pound jumped on the news that Parliament will ratify the final version of the Brexit deal, when negotiated, and this outweighed concerns about a larger than expected rise in inflation. Sterling produced one of its best daily performances since July, gaining 1% against the Euro and reaching 1.2315 against…