Sterling Hit After Lackluster Economic Data
Sterling has taken a hit after worse than expected PMI data was released, followed up by a weak outlook by retailers for future sales. Manufacturing has been the bright spot in the UK economy, but today’s PMI at 54.6 was the weakest in 7 months, below expectations, and as well, the prior month’s figure was [...]
Dollar Crumbles During a Volatile Week
The week began with a market swoon after S&P announced that it was placing the US on negative watch. Standard & Poor’s Ratings Services Inc. cut its outlook on the U.S. to negative, increasing the likelihood of a potential downgrade from its triple-A rating, as the path from large budget deficits and rising government debt [...]
UK CPI Meets Expectations
UK January CPI was in line with expectations, rising 0.1% on the month but lifting the year-over-year rate to 4% from 3.7%. The core rate ticked up to 3.0% from 2.9%. The BOE is now obligated to write its 5th explanatory letter to the Chancellor. King attributes the price pressures to the VAT hike, past [...]
UK GDP Very Disappointing
UK surprised the markets by reporting that Q4 10 GDP did not expand slowly as the consensus expected, but actually contracted by 0.5%. The economy last contracted in Q3 09. A full breakdown of the report is not made available until the next report in late February. However, the preliminary numbers suggest that the service [...]
A Sterling Break Out is on the Cusp
The Pound has been a difficult currency to track. Recently the moves in the Sterling have been volatile as investors are trying to determine the future direction of the UK economy. Recently the UK data points have pointed to a weakening economy. Over the weekend, the health of the UK housing market was again cast [...]
Roller Coaster Sterling
November 11, 2009 12:25 GMT The Sterling rose against the Greenback after news that Britain’s unemployment rate had decreased. UK Jobless Claims Change results indicated that the unemployment rate in Great Britain has decreased () despite expectations of an increase. For the last three months, the unemployment rate recorded showed a fall from 7.9% to [...]
Twinkling Star Sterling on the Upswing
Thursday, 22nd October, 2009, 11:22 GMT The prospect of higher interest rates was highlighted by BoE Governor, Mervyn King in his speech last night. Policy makers of the BOE resolved not to change their asset purchase program and maintain the record low interest rate of 0.50%. Member of Bank of England, Tucker also conveyed the [...]
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