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GBPSterling traded in relative calm on Friday, with little change overall as markets awaited political developments. Michel Barnier, the EU chief negotiator, reiterated that the Withdrawal Agreement would not be re-negotiated, but offered to look at the wording on the compliment slip.
VIEW FULL ARTICLEGBPThe Bank of England MPC voted unanimously to hold interest rates at 0.75%, as expected, but the kicker was in the press conference. Forecasts of GDP growth in 2019 GDP were slashed to 1.2% from 1.7% previously, the lowest reading since 2009 and inflation is expected to drop below the...
VIEW FULL ARTICLEGBPMoving oil prices had a modest effect on the Pound yesterday but, as always, political considerations dominated trading. Donald Tusk set the cat amongst the pigeons less than 24 hours before Theresa May is due to formally request a renegotiation of the Brexit deal, reinforcing fears the deadlock will continue.
VIEW FULL ARTICLEGBPUK services PMI dropped from 51.2 to 50.1, below consensus forecasts and the lowest print for 2.5 years. The new orders dipped into contraction territory. Employment figures printed a modest decline for the first time in over six years with political uncertainty contributing to negative effects.
VIEW FULL ARTICLEGBPUK construction PMI for January declined to 50.8 from 52.8, well below consensus forecasts and the lowest figure since last April. Commercial activity has been undermined by uncertainty but companies are still optimistic about the 2019 outlook.
VIEW FULL ARTICLEGBPUK manufacturing PMIs declined to 52.8 in January, the second-lowest reading since July 2016 and new orders growth was weak. Further aggressive stockpiling maintained concerns that growth would not be sustained. The Pound had already slipped and the data failed to trigger any rebound with further concerns that uncertainty would...
VIEW FULL ARTICLEGBPThe deadlock over Brexit negotiations with the EU is weighing heavily on the market and the Pound. The EU is maintaining a tough stance saying it will not renegotiate the terms of the Withdrawal Agreement and the backstop issue is arguably the main concern.
VIEW FULL ARTICLEBeing proud partners of the Queen Park Rangers Trust, Currency UK are proud to be involved in the QPR Trust Traineeship with Queen Park Rangers and Microsoft. The programme creates opportunities and helps unlock the full potential of young people aged 16-24 who are not in education, employment and training (NEET).
VIEW FULL ARTICLEGBPPM Theresa May and her parliamentary colleagues are optimistic she can get EU leaders to bend on some terms and reach some sort of a deal before March 29th.
VIEW FULL ARTICLEThe impact on the Pound after yesterday evening's parliamentary votes can best be summarised by the fact Goldman Sachs analysts have kept the probability of a delayed Brexit unchanged at 50% and cut probability of "no Brexit" to 35% from 40% i.e.
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