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The Pound (GBP) rallied against the majority of its peers this morning following an EU summit dinner yesterday evening.
After the dinner May outlined her plans to allow 3m EU citizens to remain living in the UK after Brexit, with German Chancellor Angela Merkel calling her plans a ‘good start’.
Expat rights remain a major hurdle in the UK’s Brexit negotiations, but with the positive reaction to May’s ‘fair and serious’ offer the PM’s plans are likely to bolster confidence that the ongoing talks will progress smoothly. View article >
The Pound (GBP) rallied against most of its peer’s midday on Wednesday as Bank of England chief economist Andy Haldane revealed he was close to voting for a rate hike in last week’s monetary policy committee meeting.
While Sterling’s rally was short lived against some of the majors, the news excited investors as the usually dovish Haldane suggested that interest rate would likely need to rise by the end of the year if inflation continued accelerating at its current pace. View article >
The Pound (GBP) continued to downtrend against the majority of its peers this morning, reaching new multi-month lows as markets remain worried about the political landscape in the UK.
With the Queen’s Speech set to outline the government’s legislative plans for the next two years later today, Theresa May is still yet to reach a formal agreement with the DUP to support her party in a minority government, causing some investors to fear that she may not be able to offer the stability she promised. View article >
The Pound (GBP) plummeted against its peers this morning as Bank of England (BoE) Governor, Mark Carney spoke at the Mansion House in London.
In his speech Carney reiterated his view that now was not the time for a rate hike and that weak wage growth and the uncertainty of the Brexit negotiations were reason enough to leave rates at a record low, despite growing inflationary pressures. View article >
The Pound (GBP) strengthened against the majority of its peers this morning as today marks the start of formal Brexit negotiations.
Markets are hopeful that the start of talks will shed some light on how negotiations are likely to proceed, with investors hoping that recent warnings from businesses and Chancellor Philip Hammond over the economic consequences of Brexit may cause the government to soften its approach. View article >
Confidence in the Pound strengthened sharply in the wake of the Bank of England (BoE) policy meeting as three policymakers voted in favour of an immediate interest rate hike. A greater split than anticipated, this encouraged investors to pile back into Sterling as a return to tighter monetary policy appeared nearer. However, with one of the hawks set to leave the Monetary Policy Committee (MPC) at the end of the month interest rates are unlikely to rise any time soon. View article >
UK retail sales were found to have contracted -1.6% on the month in May, signalling that the strong levels of consumer spending that have supported the economy are likely coming to an end. Coupled with the deepening squeeze on wages this does not bode well for the outlook of the UK economy. As a result the Pound softened once again, particularly as market expectations for the Bank of England (BoE) policy meeting are limited. View article >
Signs continued to point towards a deepening squeeze on consumer spending and real pay, with average weekly earnings proving weaker-than-expected in the three months to April. As inflation continues to markedly outpace wage growth the pressure on household finances looks set to mount further. This does not bode well for the UK economy, given its high reliance on strong levels of consumer spending. View article >
Although a sense of political uncertainty continues to hang over the UK in the wake of the snap general election the mood towards the Pound improved somewhat on Tuesday. With Theresa May looking set to secure support from the Democratic Unionist Party (DUP) to prop up a minority Conservative government some market anxiety has eased. View article >
Confidence in the Pound was still lacking today even as Theresa May continues to cling onto power and the Conservative leadership. A sense of political uncertainty is still hanging over the UK outlook at this juncture, given the controversial nature of the proposed Conservative-DUP alliance. With markets doubtful as to May’s ability to remain Prime Minister in the long run and the issue of Brexit already complicated further investors have seen no reason to favour Sterling. View article >
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