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A survey of 114 British business managers, released yesterday, showed that over half of business leaders are already feeling a negative impact from last June’s Brexit vote. 58% said the referendum had caused a negative impact, while just 11% said they felt a positive impact. The survey revealed that business’ biggest concern was losing access [...]

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Soft UK Services PMI Weighs On Sterling

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Date: February 6th, 2017.

The Pound weakened versus most of its major currency peers on Friday in reaction to some disappointing economic data. January’s services PMI report showed that the dominant services industry decelerated from 56.2 to 54.5 as business and employment sub-indexes cooled. Traders had expected a higher reading of 55.8. The unexpected slowdown managed to negatively impact [...]

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Dovish BoE Sends Sterling Skidding

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Date: February 3rd, 2017.

The Pound tanked across the board yesterday as investors reacted to what was considered a dovish policy statement from the Bank of England. Threadneedle Street left policy on hold with a 0.25% benchmark interest rate and a £435 billion asset purchasing target – this much was expected. However, traders had also anticipated a message showing [...]

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The Pound rocketed higher versus most of the majors yesterday following a robust UK manufacturing report. At 55.9, the headline PMI index remained close to December’s two-and-a-half-year high of 56.1, while output accelerated at a 32-month high. Shockingly, input prices – the costs paid by UK manufacturers for raw materials – surged to an all-time [...]

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The Pound dipped versus most of the majors yesterday in response to some disappointing data concerning British consumer credit. Ordinarily, the consumer credit index is unable to make much of a difference to the currency market. But on this occasion an unexpected drop from £1.9 billion to £1.0 billion was seen as a potential harbinger [...]

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Sterling softened versus most of the majors at the start of this week’s session as traders bet that this week’s Bank of England announcement would fail to lift the UK currency. On ‘Super Thursday’ the BoE is set to release its quarterly inflation report alongside its monetary policy plans for February. Threadneedle Street struck a [...]

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The Pound softened towards the close of the week, with investors left with little to enthuse over now that the key Brexit speech and Supreme Court decisions are in the past. The only thing on the horizon is the triggering of Article 50 – a bad occurrence from the market’s point of view, even if [...]

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GBP/USD Slips From 6-Week High

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Date: January 27th, 2017.

Sterling put in another decent performance yesterday thanks to stronger-than-anticipated UK economic data. Confounding expectations of 0.5%, the latest GDP report showed that the UK economy accelerated at a pace of 0.6% in the fourth quarter of 2016. It was Britain’s consumers, bolstered by tepid inflation and low borrowing costs, that drove the economy forward. [...]

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Pound Up Ahead Of US Trade Talks

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Date: January 26th, 2017.

Sterling performed surprisingly well yesterday, registering decent gains versus most of the majors in reaction to news of a weekend meeting between UK Prime Minister Theresa May and US President Donald Trump. The Pound surged when the PM announced that she was meeting Trump over the weekend to discuss a new US trade deal that [...]

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The Pound dipped versus most of the majors yesterday following the UK Supreme Court judgement. The ruling, by eight judges to three, means that the government cannot trigger Article 50 without first receiving parliamentary ratification. This was already priced into the Sterling exchange rate and subsequently was not enough to breathe new life into the [...]

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