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Sterling tumbled to multi-month lows yesterday as fears of a so-called ‘hard Brexit’ persisted despite comments from UK Prime Minister Theresa May insisting that the government would agree the best possible deal for Britain. Sterling plunged when markets reopened for this week’s session in response to remarks from PM May, which appeared to signal that [...]

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US Wage Gains Boost ‘Greenback’

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Date: January 9th, 2017.

The Pound struggled to attract support on Friday as speculation mounted that Prime Minister Theresa May was planning to give up single market access in order to clamp down on immigration. Some government ministers have suggested that Britain could still access the EU’s single market by paying into the bloc’s budget, but ex-British EU official [...]

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Currency traders largely overlooked a robust UK service sector print yesterday as Brexit fears persisted despite the resilience of the British economy since the vote. Following on from sturdy manufacturing and construction figures, the services PMI jumped from 55.2 to a 17-month high of 56.2, smashing forecasts of 54.7. Taken together, the PMI trio indicates [...]

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‘Loonie’ Hits 2-Month High Vs. Pound

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Date: January 5th, 2017.

Following on from Tuesday’s strong manufacturing PMI result, Markit Economics reported yesterday that UK construction activity outperformed economists’ expectations in December. The construction PMI jumped from 52.8 to 54.2 thanks to a ‘robust and accelerated’ expansion in the sector, however, demand for Sterling remained capped by fears that higher input costs would create problems for [...]

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UK Manufacturing Hits 2.5-Year High

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Date: January 4th, 2017.

The Pound was treated to a bumper December manufacturing PMI report yesterday but, despite the outperforming result, Sterling was unable to post gains versus most of the majors. Markit Economics reported that manufacturing output smashed forecasts of 53.3 with a 30-month high of 56.1. Increased demand from home and abroad boosted firms’ order books and [...]

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‘Cable’ Weakens Half A Cent

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Date: January 3rd, 2017.

The first important UK data release of 2017 is due today from Markit Economics; it is expected to show that output in the factory sector decelerated minimally from 53.4 to 53.3 in December. If the report prints inline with expectations then it will probably have a limited impact on Sterling exchange rates, but any upside [...]

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Seeing as its our last market update of 2016, let’s take a look at what happened this year and what could happen next year in foreign exchange markets. The Pound was one of the big movers in 2016. On a trade-weighted basis Sterling declined -17%, making it the worst performing major currency. Most of these [...]

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The Pound lost ground against most of the majors yesterday as Britain’s uncertain economic future continued to put a dampener on the domestic currency ahead of the New Year. The day’s only UK data release showed that UK mortgage approvals fell unexpectedly in November. The report from the British Bankers Association (BBA) saw home loans [...]

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Sterling Thin holiday trade caused the Pound to fluctuate against the majors over the past few days but a lack of fresh data, or indeed appetite for major moves that could unsettle a pleasant Christmas dinner with the family, meant that Sterling did not sustain any great losses or celebrate any substantial gains. The last [...]

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Pound Suffers In Thin Holiday Trade

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Date: December 23rd, 2016.

The Pound traded lower versus most of the majors yesterday as thin holiday trade accentuated market jitters regarding the UK’s 2017 economic prospects. One of the biggest fears is that rising inflation pared with stagnant wage growth will leave consumers with less disposable income, which could seriously hamper the UK’s hugely important retail sector. Another [...]

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