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Tensions surrounding the EU referendum increased on Friday and through the weekend as the negative data trend for the UK continued. Monthly construction output printed at -3.6%, significantly worse than both the predicted -2.8% and the previous -0.9%.
VIEW FULL ARTICLEThere were no surprises yesterday as the Bank of England Monetary Policy Committee (MPC) voted 9-0 in favour of no change in interest rates. This now leaves only one vote before the upcoming EU referendum, which was the hot topic during open questions for Mark Carney.
VIEW FULL ARTICLEThere were some pressure relieving figures for the UK yesterday as March’s manufacturing production came in showing a growth of 0.1%. Although it was not the 0.4% figure predicted, manufacturing production grew from February and was an extreme improvement on the revised -0.9% previously.
VIEW FULL ARTICLESterling managed to hold levels against both the Euro and the Dollar yesterday amidst uncertainty in the UK economy. The goods trade balance came in as expected at -£11.2bn, consequently there was a muted reaction from the currency market.
VIEW FULL ARTICLEThere was a lack of tier 1 economic data again yesterday for the UK, leaving Sterling in the hands of market sentiment. Sterling saw strength through the morning, posting gains against both the Dollar and the Euro.
VIEW FULL ARTICLEThe headline US non-farm payrolls data came in below expectations on Friday, posting a gain of 160k for April which missed the 200k the economists had expected. The unemployment rate held at 5.0% and the participation rate edged slightly lower.
VIEW FULL ARTICLEThe negative data trend for the UK continued yesterday as April’s services PMI came in at 52.3, down from the 53.7 figure seen for March. This is the weakest services figure for three years, completing the set as all three PMI figures came in weaker for April.
VIEW FULL ARTICLEThe trend of poor economic data from the UK continued yesterday with construction PMI data coming in weaker than expected at 52.0. Underlying fears about the state of the UK’s economy have been further reinforced with the EU referendum looming.
VIEW FULL ARTICLESterling experienced extreme volatility throughout the day yesterday, reaching 4-month highs against the Dollar before a sharp reverse during the trading session. Poor PMI manufacturing data showed a retraction in the manufacturing sector for April, printing at 49.2 - down from 50.7 for March.
VIEW FULL ARTICLEThe early May bank holiday meant UK markets closed yesterday. Sterling continued its trend against the Dollar from last week, however, maintaining above 1.4650 throughout the day. Manufacturing PMI data will be released at 9.30am for the UK.
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