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U.K. consumer confidence plummets amid lockdown

by editor on 2020-04-08 18:21:41 | 0 comments

U.K. consumer confidence plummeted in the last two weeks of March in the biggest drop ever recorded as the nation entered a state of lockdown in an attempt to slow the rapid spread of the coronavirus. An index of consumer confidence gathered by market research firm GfK fell by 25 points to minus 34. It was the index's lowest reading since February 2009 and the biggest single drop in the index's history, which stretches back as far as 1974. Consumer sentiment nosedived as Britons feared a sharp decline in their financial situation and the economy...

The Bank of England Cuts Rates by 50bps and Delivers GBP100bn in SME Loans

by editor on 2020-03-11 17:09:26 | 0 comments

The Bank of England delivered an emergency rate cut this morning, slashing interest rates by 50bps to 0.25%. Joining its G7 peers, which includes the Bank of Canada, the FED and the RBA, the rate cut was delivered out of the BoE’S monetary policy calendar. In a bid to deliver support to the flagging UK economy and counter the impact of the coronavirus outbreak, the Bank of England also delivered a string of other measures. The BoE’s move came ahead of the Chancellor and Boris Johnson’s first budget...

Data show unusual trading activity in the pound before Bank of England announcements in January, December

by editor on 2020-02-10 18:51:57 | 0 comments

A sharp move in the British pound last month in the minutes ahead of a crucial central-bank decision wasn’t a unique occurrence, according to data reviewed by The Wall Street Journal. The U.K.’s Financial Conduct Authority has said it is looking into unusual trading that occurred before a Bank of England policy meeting on Jan. 30. Yet trading-volume data show there was also unusually high activity in the pound the previous month, compared with other announcements dating back to early 2017...

Why would the Bank of England cut rates?

by editor on 2020-01-14 18:36:26 | 0 comments

Has Mark Carney pulled a Draghi on his appointed successor Andrew Bailey? The Bank of England (BoE) governor said last week that the UK central bank was debating whether to commit to keeping interest rates “lower for longer,” until inflation has returned to the official 2% target. Since Carney is retiring at the end of the month, his statement could be interpreted as a sign that the BoE might lower rates when its Monetary Policy Committee meets on January 30 , or at the very least as a move to frame the monetary policy debate after he’s gone...

Pound slides as Carney speech highlights possibility of interest-rate cut

by editor on 2020-01-11 22:04:27 | 0 comments

The pound was one of the worst-performing currencies on Thursday after Bank of England Governor Mark Carney delivered a speech that was perceived as being suggestive of lower interest rates. Sterling GBPUSD, -0.0230%  fell to $1.3029 from $1.0396 on Wednesday, as Carney delivered a speech on the central bank’s framework and pointed out the U.K. economy has been “sluggish.” “The economy has been sluggish, slack has been growing, and inflation is below target...

Sterling Continues to Unwind Election Gains

by editor on 2019-12-23 13:10:20 | 0 comments

Overview:  In light volume, equities are trading with a heavier bias, bonds are mostly firm, and the dollar is softer against the major currencies.  China's equities standout with the Shanghai Composite falling over 1%.  South Korea, Australia, and Indian markets eased, but most of the smaller bourses gained. Japanese benchmarks were mixed.  Europe's Dow Jones Stoxx 600 is slightly lower, led by losses in financials and utilities.  US shares are little changed...

Boris Johnson’s Conservatives cruise to victory in election as British pound and stocks surge

by editor on 2019-12-13 11:12:29 | 0 comments

Boris Johnson’s Conservative Party has won Britain’s crunch election and gained a decisive majority as voters backed his pledge to “get Brexit done.” The Prime Minister’s commanding win in the early hours of Friday morning saw his Conservatives secure the highest majority of any government since Tony Blair’s Labour in 2001. With just one seat left to be declared, the Conservatives upped their presence in Parliament by 47 seats to 364, while Labour lost 59 seats to 203...

Sterling rises as YouGov poll shows Conservatives will big majority

by editor on 2019-11-28 19:13:58 | 0 comments

The pound strengthened on Thursday after a poll indicated Prime Minister Boris Johnson’s Conservative Party will win the December 12 general election with a comfortable majority. Sterling GBPUSD, -0.0542%  rose 0.1% to $1.2933 from a level of $1.2920 late on Wednesday in New York. The FTSE 100 index UKX, -0.18%  fell 0.4% to 7,398.89 on pound strength and as China reacted angrily to news that President Donald Trump signed a bill supporting Hong Kong protesters...

Sterling (GBP) Price Outlook: Range Setting Ahead of a General Election Breakout

by editor on 2019-11-25 08:41:44 | 0 comments

STERLING PRICE (GBP) FUNDAMENTAL FORECAST: NEUTRAL Sterling drifts lower on poor UK sentiment data. GBP/USD downside limited as PM Johnson leads the polls. Brand New Q4 GBP Forecast and Top Trading Opportunities Sterling is testing recent lows against the US dollar - driven today by weak UK PMIs and better-than-expected US PMI readings – but retains an underlying bid on the back of the UK PM Boris Johnson’s standing in the latest General Election polls...

Gold ends at highest price in a week as investors weigh tentative Brexit pact

by editor on 2019-10-17 20:15:44 | 0 comments

Gold prices edged higher on Thursday after the European Union and U.K. reached a preliminary Brexit deal, with worries that a deal may not pass a weekend vote in the British parliament and signs of a weakness in the U.S. economy providing support for the haven metal. “Gold’s gains after an initial small sell off suggest that many market participants remain skeptical of this latest Brexit ‘deal’,” and British Prime Minister Boris Johnson’s ability to get both the Democratic Unionist Party in Northern Ireland and the UK parliament to agree to the deal,” said Mark O’Byrne, research director at GoldCore in Dublin, told MarketWatch...

Brexit hopes sends British pound to highest level of Johnson administration as U.K. banks soar

by editor on 2019-10-11 19:38:35 | 0 comments

Growing hopes that U.K. and European leaders can reach an agreed deal for Britain to leave the European Union pushed the British pound higher for a second day on Friday. The pound GBPUSD, +1.7277%  rose as high as $1.2706, up from $1.2444 on Thursday, a day when the U.K. currency had its best single day percentage advance since March. Taken together, it’s the best two days of gains in over a decade. It’s the strongest sterling has been since Theresa May was prime minister...

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