The Pound (GBP) recovered from an overnight slump yesterday as UK Retail Sales rocketed higher in February, following a slight downtrend the month before.
A survey by the Confederation of British Industry (CBI) reported that retailers saw a 9% increase in activity this month after previously reporting an 8% decline in January. However the outlook for the rest of 2017 wasn’t quite so upbeat, with retailers expecting that rising costs and the uncertainty of Brexit will weigh on the sector over the next twelve months. View article >
The Pound (GBP) tumbled against the other majors yesterday as the UK’s latest growth report painted a gloomy picture for 2017.
While fourth Quarter GDP figures saw a slight uptick, rising from 0.6% to 0.7%, Sterling fell as economists predicted that growth would slow in 2017. Meanwhile, investors were also concerned about the drop in UK business investment as it fell from 0.4% to -1% over the same period. View article >
The Pound (GBP) rose against most of the other majors yesterday as the UK’s latest Public Sector Borrowing figures impressed investors.
The ONS reported that the government’s budget jumped from a deficit of £4.24bn to a surplus of £9.82bn in January, its highest reading in 17 years.
Meanwhile Sterling could advance even further later this morning with the release of the UK’s latest GDP figures, especially if figures exceed expectations. View article >
The Pound (GBP) rose against the majority of its peers on Monday as the House of Lords began its debate on the government’s Brexit bill.
Investors are optimistic that opposition peers will be able to attach a number of amendments to the bill as the Conservatives lack an outright majority in the upper house.
Meanwhile, Sterling is likely to fluctuate later this morning following the release of the latest Public Sector Borrowing figures. View article >
The Pound (GBP) plummeted against its peers at the end of last week’s session thanks to a disappointing Retail Sales report.
Figures showed that sales plummeted from 4.7% to 2.6% in January, sliding further than the 0.8% drop that had been predicted and completing a third consecutive month of losses. Rising prices and low wage growth were seen as major reasons for the drop, with investors expecting that UK GDP will take a hit if the trend continues. View article >
January’s UK retail sales report proved unexpectedly disappointing, setting the Pound on a bearish trend. Sales were found to have contracted -0.3% on the month, adding to the significant weakening in spending seen over the Christmas period. This suggested that consumer confidence has already begun to deteriorate, which could see economic growth slow significantly in coming months. View article >
In the absence of any fresh domestic data the Pound has managed to recover some of its lost ground, although any positive momentum has been somewhat limited. Investors have been encouraged to buy back into Sterling thanks to a lack of fresh Brexit developments, pushing GBP exchange rates generally higher. However, the Pound could come under renewed pressure ahead of the weekend if January’s retail sales figures point towards a reduced level of consumer spending. View article >
The appeal of the Pound was weakened further by the latest UK wage growth figures, which showed a more limited increase in average weekly earnings than forecast. Coupled with the sharp rise in inflationary pressure in January this suggested that consumer spending is likely to be increasingly squeezed in the coming months. As much of the recent strength of the domestic economy has been driven by consumers, this naturally prompted investors to sell out of the Pound, pushing it lower across the board. View article >
Investors were wary to buy into the Pound ahead of January’s UK consumer price index report, despite expectations for another uptick in domestic inflationary pressure. However, if the CPI data does prove encouraging GBP exchange rates could be pushed higher on hopes that the Bank of England (BoE) could raise interest rates sooner rather than later. View article >
The strength of recent UK data has kept the Pound on a generally stronger footing, limiting the impact of Brexit-based jitters at this juncture. Sterling volatility is likely to increase once the House of Lords begins to debate the government’s Article 50 bill, however, as markets remain cautious over the prospect of delays to Theresa May’s timetable. View article >
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