The big news from yesterdays raft of UK data was that Mark Carney’s Bank of England has raised it’s 2014 growth forecast from 2.5 to 2.8 per cent. The better than expected employment figures could also indicate the key threshold of 7 per cent could be reached before 2016. With the third piece of UK data released yesterday, the inflation report, also proving supportive for GBP, yesterday was an extremely positive day for GBP.
This morning we have seen UK retail figures come in worse than expected. Actual 2.3% versus expected of 3.1%. This has just nudged GBP off its peak.
Eurozone GDP figures are being released as you receive this. They are unlikely to paint a positive picture for the Eurozone.
This afternoon, at 3pm UK time we have a speech from Dr Yellen, the soon to be governor of the Federal Reserve. Whilst there is unlikely to be any specific commentary on policy, the market will want to measure her level of dovishness with regards to tapering and interest rates.
Posted in Daily Market News on May 30 2014
After yesterdays poorer than expected CPI figures which saw GBP take a hit against most major currencies, today, we will see the markets focus on the UK again. Yesterdays reports showed inflation in the UK fell to 2.2% in October compared to 2.7% in the previous month.VIEW FULL ARTICLE
Posted in Daily Market News on Nov 13 2013 by alex