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VIEW FULL ARTICLEGBP The spectre of month-end Pound selling kept trading sentiment low. Irish Prime Minister Varadkar stated that no progress had been made on the Irish border issue and that Ireland would make preparations for the possibility of no UK Brexit deal.
VIEW FULL ARTICLEGBP The Pound was weaker yesterday as markets await the outcome of the European Council Summit which begins today. Sterling was further harmed after the Bank of England governor failed to indicate the chances of an interest rate hike in August when he spoke earlier in the day.
VIEW FULL ARTICLEGBP Newly appointed MPC member Jonathan Haskel’s inaugural testimony was widely interpreted as “dovish”. As he replaces a known hawk, Ian Mccafferty, who steps down after the August meeting, this was to be expected. Haskel’s expertise in productivity meant he had doubts around the high number of the employed with...
VIEW FULL ARTICLEGBP Despite a dearth of domestic influences, Sterling recovered from early weakness to a net recovery against the Dollar. The Euro strengthened to test resistance above 1.1360 as benchmark UK 10-year bond yields edged slightly lower relative to German Bunds.
VIEW FULL ARTICLEGBP Friday’s trading session suffered from a dearth of economic data or political impetus. Futures markets continued to price in a circa 50% chance of a Bank of England interest rate hike at the August policy meeting.
VIEW FULL ARTICLEGBP UK government borrowing dropped to an 11-year low of £11.8bn for the first two months of 2018/19. The £3.356bn net borrowing for May was well below expectations of £5.268bn but alas, there was little positive Sterling impact as it slumped further to near 1.3100 against a strong Dollar.
VIEW FULL ARTICLEGBP UK CBI industrial orders bounced back more sharply than expected, printing 13 for June, up from -3 the previous month. Strong output increases for the second consecutive quarter suggest a solid industrial outlook should add support to the Pound.
VIEW FULL ARTICLEGBP In the absence of economic data, concerns that US-China trade tensions would escalate, undermining global growth and constraining UK growth, weighed on the Pound. Markets also downgraded their expectations of a more hawkish tone at Thursday’s monetary policy meeting.
VIEW FULL ARTICLEGBP Sterling was caught in the doldrums yesterday, with no economic data to drive trading and confidence in the domestic growth outlook remained weak. Brexit concerns persist, especially given the negative impact on potential investment and growth.
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