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Boris Johnson vows to leave EU

25th July 2019 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 –  Boris Johnson was sworn in as prime minister yesterday and renewed his promise to leave the EU by the 31st October. He also set about reshuffling his cabinet, with Sajid Javid the new chancellor, Priti Patel home secretary and Dominic Raab foreign secretary. The new cabinet has been filled with Brexiters, and there appears a renewed drive to force through Brexit before the 31st. Boris […]

Boris Announced as PM

24th July 2019 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 widely expected, Boris Johnson was announced as Prime Minister yesterday fighting off contender Jeremy Hunt. With the announcement all but priced in to the value of the pound, we actually saw a relief rally on the currency with markets banking on a Boris certainty and now waiting on what policies he’s going to put in place as well as his plans for Brexit. Sterling […]

Markets Braced for PM Announcement

23rd July 2019 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 remained under pressure yesterday ahead of the Tory leadership result today. This morning sterling weakened further after one of the Bank of England’s most hawkish policymakers warned the that the economy looks week. Michael Saunders told Bloomberg that it is very uncertain that Britain would leave the EU smoothly as well suggested that he wouldn’t be swayed to vote for higher interest rates. Markets […]

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We Have Lift Off For Sterling

19th July 2019 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 rebounded yesterday after strong Retail Sales provided some optimism for the UK economy. Expectations were for an improvement but for the figure to remain negative. However, the June results were strong; recording a 1% improvement. In Westminster, MPs backed a bid to prevent the new prime minister suspending Parliament to achieve a no deal Brexit by the back door. 17 Tory MPs rebelled with […]

UK Retail Sales in Focus

18th July 2019 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 managed to show a minor recovery yesterday despite ongoing Brexit fears and speculation of an early general election as well as calls made by the likes of Morgan Stanley that we could well see parity on the GBP/USD rate. Inflation for the month of June remained at 2% with the price of energy prices dropping but the price of clothing and food rising. […]

Threat of Abandoning Backstop Weakens Sterling

17th July 2019 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 –  Yesterday there was reason for early sterling optimism as average earnings came in above expectations at 3.4%. Despite this the pound was hampered yesterday as both Jeremy Hunt and Boris Johnson threatened to ditch the Irish backstop – a key component of May’s deal to stop a hard border with Ireland. As a result, sterling dropped to its lowest levels since April 2017 against the […]

UK Jobs Report in Focus

16th July 2019 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 remained relatively range bound yesterday based on the same old story of Brexit-related uncertainties as well as concerns that the Bank of England may well join other major central bank with regards to a potential future interest rate cut. Sterling is on the backfoot already this morning attempting to breach a key support level versus the euro. Sterling bulls will be hoping for a […]

UK financial sector ready for no deal Brexit

12th July 2019 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 –  It was a case of what goes up, must come down for the Pound yesterday as a boost for Sterling through the morning lasted only until about 14:00. The afternoon saw a complete reversal of the gains from earlier in the day as markets reacted in the absence of data. Carney spoke in the morning confirming that the Bank of England believes that the UK […]

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Fed’s Powell Signals Imminent Rate Cut

11th July 2019 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 UK economy posted a partial recovery in May and the results helped the Pound to do likewise yesterday morning. GDP rose to 0.3% which was an improvement from -0.4% the previous month which took markets by surprise and enabled Sterling to lift off the 2 year lows against the US Dollar. The recovery can be attributed to car production increasing after the shutdown of […]

Sterling Hit by Further No Deal Brexit Concerns

10th July 2019 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 –  Retail sales slumped in UK, falling into negative territory for the month of June, though with a lack of any other data in the day yesterday markets continued to focus on Brexit. On that front, the speaker of the house John Bercow rejected the latest plan from Dominic Grieve, which would make it harder for the next Prime Minister to suspend Parliament to try and […]

Stocks Slip as Market Awaits Fed Direction

9th July 2019 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 continued its grind lower yesterday despite a lack of data. The market perceives sterling as a “riskier” currency. The favourite to be the next prime minister, Boris Johnson, maintains his tough talk over Brexit. This grind may continue for the next couple of months, with the political situation unlikely to significantly change before the 31st October EU deadline. Like yesterday, there is no data […]

Will UK Growth Contract?

8th July 2019 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 –  Last week continued the ongoing worries for the UK as the pound struggled to hold any position in the market, ending with the currency reaching new lows against the dollar and euro. This was the result of the UK’s construction and services PMI coming in lower than forecasted. Economists are now predicting the UK economies first quarterly contraction 7 years, estimating a figure of -0.1%. […]