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GBPThe UK construction PMI for October beat expectations of 52 with a print of 53.2 based on gains made in civil engineering, although new orders growth slowed. The Pound gained modestly but there was persistent selling interest above 1.3000 against the Dollar.
VIEW FULL ARTICLEGBPPositive Brexit news triggered a Sterling rally across the board yesterday. The compounding effect of reports that UK financial services companies will have continued access to European markets and a Brexit Deal conclusion in November prompted some aggressive short-covering (buying Pounds to reverse bets against) in GBPUSD.
VIEW FULL ARTICLEGBPThe Pound started yesterday with an “oversold” sentiment which meant the 1.2700 mark against the Dollar wasn’t threatened, and initially made limited gains. UK Brexit Secretary Dominic Raab commented that he expects a Brexit deal to be agreed by November 21st which triggered a brief Sterling spike higher before Downing...
VIEW FULL ARTICLEGBPUK CBI retail sales declined to 5 in October, down from September’s print of 23 and the sales volumes were the lowest since March. Despite expectations of a better reading in November, October’s consumer confidence component remained subdued.
VIEW FULL ARTICLEGBPMortgage approvals and lending data did not cause any shocks yesterday, coming in above consensus despite consumer credit slowing due to poor performance in the automobile sector. Hammond’s budget did not have much of an effect on markets, despite stating that “the era of austerity was coming to an end”,...
VIEW FULL ARTICLEGBPA fragile risk appetite prevented Sterling gaining ground on its peers on Friday, despite rating agency Fitch holding its UK credit rating at AA. Fitch again reported the UK outlook as negative, although it warned that Brexit risks had increased.
VIEW FULL ARTICLEGBPThe Pound took the market on a roller coaster ride yesterday following news British parliamentarians were supporting Prime Minister May's Brexit divorce deal negotiations.
VIEW FULL ARTICLEGBPSterling was unable to make any headway in European trading yesterday and gradually drifted weaker amid underlying negative sentiment.
VIEW FULL ARTICLEGBPUK CBI industrial orders fell below forecasts at -6 for October from -1 previously, and indicating reduced order expectations in the manufacturing sector. Both domestic and overseas orders reduced sharply with strong evidence that Brexit uncertainty was undermining orders and investment which hit Sterling sentiment.
VIEW FULL ARTICLEGBPDomestic political tensions were on a rolling boil throughout yesterday’s trading; the spectre of a leadership change undermined confidence in Sterling. The Euro climbed to push below the 1.1300 mark and the Pound fell to near 1.2950 against the Dollar.
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