Sterling down against the Euro today
- Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
- September 28, 2017
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Sterling was down against the Euro today after the Euro-area economic confidence surged more than economists forecast in September, giving European Central Bank policy makers more positive news to consider as they decide on the future of their bond-buying program.
The index of industry and consumer sentiment increased to 113 in September from 111.9 the previous month, the European Commission in Brussels said on Thursday. The reading — the highest in a decade — was well above the median estimate of 112 in a recent poll.
In the UK the BOE Governor was speaking this morning. In his speech Carney asserted the BOE’s right to continue weighing in on the issue (Brexit), saying “we will continue to assess and express our independent assessment of the risks associated with Brexit.”
The event comes as the BOE, which added stimulus in the wake of the Brexit vote, moves closer to increasing interest rates for the first time in more than a decade. Chief Economist Andy Haldane said in an interview with Sky News on Wednesday that a hike should be considered good news for the U.K., rather than a source of fear.
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