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UK PMI readings worse than expected

6th June 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – PMI services came in worse than expected at 53.8. Usually, we would expect the pound to weaken off the back of this, however the currency seemed to gain by 0.5% as information came out suggesting that the Tories are likely to win, however maybe not with a majority. Generally speaking, at least over the last decade, the currency markets seem to favour the pound in a […]

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UK Services PMI in focus

5th June 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – Moves on the pound were largely dictated by election opinion polls. As the Tory lead continues to narrow, markets appear to be nervous over the outcome of the election pushing the pound lower. Economic data was pretty good from the UK with Markit manufacturing and construction both coming in higher than expected but nonetheless, the data wasn’t sufficient enough to improve sentiment on the pound. The […]

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Continued volatility in lead up to election

2nd June 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – There was an absence of UK data other than manufacturing figures yesterday, which did very little to support the pound as it came in slightly worse than its previous reading. Sterling did, however, recover lost ground as investors began looking into massively conflicting UK polls. Gains were made against both the euro and the dollar. So far the pound has only lost a fraction of its […]

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Will PMI data drive Sterling lower?

1st June 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – The pound is trading on the defensive in the second half of the week, as an innovative new polling system suggested that the Tories could even lose seats on June 8th. Mortgage approvals figures for April also weighed on the pound, coming in worse than expected. UK Manufacturing PMI data this morning is the salient event of the day, with the consensus being that we may […]

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Sterling swings dominated by polls

31st May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – Sterling inched higher early yesterday morning as markets were buoyed by an ICM poll showing the Conservatives held a 12 point lead. With no economic data released yesterday, the pound held the gains through the morning. However, this gain was undone overnight as the latest YouGov election poll in the Times highlighted the possibility of a hung Parliament. Minor data will be released today from the […]

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Pressure on pound persists

30th May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – Sterling was weakened last week due to two main reasons. The GDP second estimate came in lower than expected, much to the market’s surprise. The latest polls also showed a decline in Theresa May’s lead, which contributed to the pound weakening. The pound looks set for another miserable week with very little data. Thursday will see manufacturing PMI released which is expected to fall slightly in […]

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Euro continues to glow post Macron

26th May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – Sterling was rocked yesterday, as the UK’s second GDP estimate surprisingly came in below expectations at 0.2%, weakening the pound. Sterling also weakened yesterday evening following a YouGov poll being released. This showed the Conservative lead to have shrunk and the election is far from a foregone conclusion. Today will be quiet for the UK, with no data of note being released. 🇪🇺 EUR – Yesterday […]

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Pound remains on the back foot

25th May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – As expected, Sterling had a lacklustre day with no economic data amid the suspension of the election campaign. Today could be marginally more interesting as we have the second estimate of first quarter growth figures. Although markets are expecting quarterly growth to remain at 0.3%, any divergence from this could cause some volatility for the pound. 🇪🇺 EUR – ECB President Mario Draghi’s speech revealed no […]

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The ECB and FED in the spotlight today

24th May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – UK stocks and FX markets posted tentative gains following from the unfortunate and saddening terror attack in Manchester on Monday night. The pound did pick up its feet in the later part of the day and certainly against the euro, where we closed approx. 0.5% higher than the open. No UK economic data out at all today, although we could see movements around 12.45pm and 6.00pm […]

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Euro continues rally against struggling greenback

23rd May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – The pound once again came under pressure from the euro and fell to its lowest level for almost 2 months against the euro. The euro is continuing to adjust to find its true value having been widely undervalued for so long. Today we have the inflation report hearings released by the Treasury committee to examine the expenditure, administration and policy of HM Treasury, HM Revenue & […]

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EUR remains buoyant, UK and US GDP in focus this week

22nd May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – High inflation was the talk of the week for the pound, as inflation hit 2.7% on Tuesday, well above the Bank of England’s 2% target rate. A high rate generally pushes the central bank to hike interest rates, however markets seem to think that the BoE will not follow this route yet and as a result, the pound fell lower. Unemployment fell to its lowest level […]

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Positive Retail Sales boost demand for the pound

19th May 2017 Market Update Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report. 🇬🇧 GBP – The pound surged yesterday against the US dollar after a much better than expected set of retail sales numbers. Many analysts had expected the figures to come in at 1% on the month and 1.9% on the year, though both came in much higher at 2.3% and 4% respectively. The Office for National Statistics said sales rose thanks to Easter falling later this year. The year […]