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Reports the UK could be one step closer to a Brexit divorce deal has buoyed the pound against other major currencies this morning, including the euro (GBP/EUR) and Australian Dollar (GBP/AUD). Sterling rallied as it came to light a £50 billion divorce settlement could be on the table which may appease EU negotiators that have set a 4th December deadline for the UK to show ‘sufficient progress’ has been made. The UK needs to provide…
GBP – Brexit deal deadline in focus Last week – Chancellor to the Exchequer Phillip Hammond presented his autumn budget on Wednesday which announced £3 billion was being allocated for Brexit contingency plans. – The pound rallied against currencies such as the Norwegian krone and Swedish krona by over 1.0% on the back of Brexit optimism early in the week. – Reports showed UK consumer confidence had reached its lowest level since directly after the…
The pound to euro (GBP/EUR) exchange rate softened in Friday’s European trading as UK consumer confidence took a tumble and Eurozone growth numbers inspired investor sentiment. The euro had a poor start to the week when German coalition talks collapsed and it seemed as if Germany could be facing another round of elections. However, the single currency went on to recover, at the possibility of support for a minority government and positive economic data. The…
There were a number of important factors discussed which may affect the economy as the UK attempts to negotiate its way out of the EU. Here are some of the key takeaways: – The Office for Budget Responsibility (OBR) downgraded Britain’s gross domestic product (GDP) growth forecasts to 1.5% in 2017, 1.4% in 2018, 1.3% in 2019 and 2020, before expecting levels of 1.5% in 2021 and 1.6% in 2022. – On the topic of…
GBP – All eyes on the divorce deal Last week – Pound bounced to a two-week high against the buck (GBP/USD) at $1.3252 as investors sold off the US dollar. – David Davis warned EU negotiators to ensure they’re not placing politics before prosperity. On the topic of the divorce bill, Davis said he planned to answer in a few weeks. – Goldman Sachs Chief Lloyd Blankfein called for a second EU referendum, stating that…
The pound achieved impressive gains on Friday against both the Australian dollar (GBP/AUD) and New Zealand dollar (GBP/NZD) as markets bought sterling and sold other currencies such as the US dollar. Risk-off mode struck the market, allowing the pound to New Zealand dollar exchange rate to make rapid advances, hitting the highest level since Brexit at 1.9535 interbank. Meanwhile, the Australian Dollar reached a six-month high, residing slightly under a one-year high at levels of…
GBP – Inflation readings ahead Last week – The European Commission (EC) slashed UK growth forecasts, suggesting Britain will see 1.5% growth in 2017 down from the previous 1.8% forecast, 1.3% in 2018, and 1.1% in 2019. – Politics took another unfortunate turn in the UK after Theresa May called back Priti Patel from holiday after she admitted to holding some unauthorised meetings with Israeli officials. – News outlets reported that Wall Street businesses had…
The pound had the opportunity to climb against other currency majors on Friday after a mixed bag of UK economic data reached the market. The pound to euro (GBP/EUR) exchange rate briefly breached the 1.13 mark, the pound to Australian dollar (GBP/AUD) exchange rates hovers around 1.71, while the sterling to US dollar (GBP/USD) exchange rate resides at levels of 1.31. While UK construction output fell further than forecast to 1.1% in September on the…
The pound to euro (GBP/EUR) and pound to Australian dollar (GBP/AUD) exchange rates began Thursday’s European trading in a tight range after data from both the UK and EU came to light. The Royal Institution of Chartered Surveyors (RICS) released new figures which painted a pessimistic picture for the UK housing market and is especially gloomy in comparison to recent surveys conducted by Halifax and Nationwide. RICS suggest that UK property prices are stagnating and…
GBP – BoE hikes rates and the pound sinks Last week – GBP/EUR hit a one-month high as Michel Barnier announced that he was prepared to speed up Brexit negotiations. – UK factories grew at a faster pace than expected in October, with Markit’s manufacturing purchasing managers’ index (PMI) coming in at 56.3. – The Bank of England (BoE) increased interest rates from 0.25% to 0.50% for the first time in almost a decade, but…
