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GBPUK Net Lending to Individuals dropped sharply in July, well below consensus forecasts, with only £4.0bn growth against June’s £5.4bn increase. July’s Consumer Credit also printed well below forecasts of £1.5bn, mustering a paltry £817m. The Pound dipped slightly on reduced expectations of the consumer spending outlook.
VIEW FULL ARTICLEGBPThe Pound had a slow start to yesterday morning and Brexit Secretary Dominic Raab reportedly bemoaned the EU’s Chief Negotiator Michel Barnier’s lack of availability for meetings, but added he was confident that a deal is within sight.
VIEW FULL ARTICLEGBPSterling slumbered through most of yesterday following the Bank Holiday weekend. With no UK economic data, underlying concerns continued to sap confidence. The Evening Standard reported that Bank of England Governor Mark Carney had been asked to extend his term of office to 2020.
VIEW FULL ARTICLEGBPConcerns that Brexit negotiations would extend beyond the end of October and eventually fail to produce a future trade deal dominated Friday. The Pound failed to make meaningful headway against a fragile US Dollar and the Euro strengthened to 11-month highs near 1.1050.
VIEW FULL ARTICLEGBPThe CBI Distributive Trades Survey strengthened to 29 in August, well above a forecast of 13, and 20 last month, bolstering the outlook for consumer spending, but the data is only a short-term view. Only an hour later, the positive effect was overshadowed by the government’s presentation of no-deal contingencies.
VIEW FULL ARTICLEGBPUpbeat rhetoric following the latest Brexit summit, especially Brexit Minister Dominic Raab being confident of an end of October completion, meant Sterling sentiment improved. The Pound also benefited from short covering (buying Sterling to close bets that the price would fall) an improvement in global risk appetite and significant gains...
VIEW FULL ARTICLEGBPUK Public Sector Net Borrowing recorded a budget surplus of £2.0bn in July, and borrowing in the first four months of the tax year declined to £12.8bn, down from last year’s £21.3bn. CBI industrial orders index declined to 7 in August from 11 in July, but exports remained at historically...
VIEW FULL ARTICLEGBPThere were no tier one UK economic data releases or political developments yesterday, leaving Sterling at the mercy of global influences. The IHS Markit Household Finance Index for August strengthened to the second highest level for nine years, which should feed into solid consumer spending and support the wider economy.
VIEW FULL ARTICLEGBPGlobal trends dictated the Pound’s movements on Friday in the absence of any domestic data or stimulus. Whilst the week’s data releases had improved Sterling sentiment, concerns surrounding no-deal Brexit prevented any meaningful rally. The Euro managed highs around 1.1140 against the Pound, but Sterling managed to gain on the...
VIEW FULL ARTICLEGBPThe Pound is resting just above 1.2700, as GBP-USD continues to lift from the week's low of 1.2660. Brexit concerns loom over all other issues for the UK, and constant failure to resolve a hard Brexit scenario could see confidence in the GBP evaporate once again.
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