UK Inflation data hurts the pound


UK Inflation data hurts the pound

Sterling slid yesterday to a new five-month low after weaker-than-expected UK inflation dented the prospect of the Bank of England raising interest rates this year. The pound had been one of the best-performing currencies in 2018 but it has given up all its gains for the year following a broad rally in the dollar and […]

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Employment Data Positive

British employers hired many more workers than expected in early 2018 but wage growth has yet to accelerate sharply, according to figures that leave the Bank of England still waiting for signs the economy is ready for a rise in interest rates. Employment rose by 197K during the first three months of this year, the […]

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Market Update

Today seems likely to be a quiet end to the week with no significant new economic data in either the Eurozone or the UK. Today’s second reading for April Spanish CPI inflation is expected to be unchanged from the initial reading. That would be consistent with no revision to the aggregate Eurozone measure due next […]

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Rate hike expected now in August

The Bank of England will wait until August before raising interest rates, according to polls taken over the last few days. We expected a rate rise this Thursday, but a massive turnaround after comments from BoE Governor Mark Carney, together with weak data suggesting Britain’s economy is barely growing. At the start of April, they […]

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ECB Meeting Today

The main economic event today is the ECB policy announcement at 12:45BST, followed by the press conference with President Mario Draghi at 13:30BST. No changes to interest rates or the asset purchase programme (€30bn/month) are expected. At the last meeting in March, the ECB removed its easing bias on asset purchases but kept the end […]

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Sterling hits fresh lows against the dollar

Sterling dropped to its lowest since level since the middle of March, its sixth consecutive daily fall as investors are worried about the performance of the British economy. April has historically proved to be supportive for the pound because of a seasonal rise in capital inflows into Britain from foreign companies paying UK shareholders dividends. […]

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UK Inflation drops unexpectedly

UK inflation dropped to a one year low, according to figures which now raise doubts about a rate rise in May and further rises going forward. There is still a 96% chance of a UK rate rise in May and we believe this is already priced into the markets. Official data showed annual consumer price […]

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Pound gains across the board

Sterling was flat in a big week for the British currency with employment and inflation data due, followed by a crucial summit between European and British officials to secure a Brexit transition arrangement. The Pound to Euro exchange rate has gained today, in the aftermath of the Italian general election that resulted in a hung […]

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UK Budget update today

UK Chancellor of the Exchequer Philip Hammond will give his Spring Budget update today. Traditionally a major set-piece event, its importance has now been downgraded. The main Budget statement now takes place in the autumn and it has been promised that this afternoon’s speech will not contain any major changes to tax or spending. Instead, […]

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No Deal

Sterling weakened against the Dollar yesterday on worries that Britain might not manage to clinch a transition deal with the European Union at a summit later this month. Even against a euro shaken by the cautious tone of the European Central Bank’s chief at a press conference after a policy meeting. ECB President Mario Draghi’s […]

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