STERLING Sterling closed higher against the major G10 currencies last week after a soft start. It fell on Tuesday after BoE MPC member Broadbent sidestepped the opportunity to address monetary policy and instead chose to warn of the risks associated with reduced trade with Europe. UK labour market indicators provided some support on Wednesday as…

STERLING The Pound fell against most of its major counterparts last week amid a backdrop of poor UK data. Manufacturing, industrial and construction output all dropped and undercut analysts’ forecasts while PMI data released earlier in the week showed a similar underwhelming trend, raising doubts on the performance of the economy in the second quarter…

STERLING Last week was broadly positive for the pound after Bank of England Governor Mark Carney surprised the markets with his comments on Wednesday. In a prepared text released before an ECB forum, he suggested that the monetary policy committee would be debating the removal of some stimulus in the coming months. Only last Tuesday,…

STERLING Sterling ended last week mostly lower against G10 currencies after ranging views on rate policy and the ongoing turbulence of Brexit. The Pound lost ground on Tuesday after Bank of England governor Carney stated that it wasn’t time for an interest rate adjustment yet and Brexit would be a big test for the UK’s…

STERLING Mayor of London, Sadiq Khan has described this morning’s incident at a north London mosque as a ‘’horrific terrorist attack’’ with Theresa May set to chair a meeting of the governments emergency Cobra committee today. Sterling ended last week mostly higher against G10 currencies after a busy week of macro releases, central bank announcements and…

STERLING The Pound continued its resilience ahead of Thursday’s general election, but fell sharply after exit polls correctly predicted a hung parliament – pushing GBP/USD to its lowest level since April 18th. Some buyers emerged Friday as it became clear that prime minister Theresa May was to try and form a government with the Northern…

STERLING It was a choppy week for the Pound as investors digested a raft of polls ahead of this week’s general election. Most pollsters agree that Theresa May has seen her lead reduced although by how much is subject to some debate. Data wise, UK manufacturing PMI slowed in May while construction PMI jumped to…

STERLING Sterling lost ground across the board last week amid ongoing Brexit and election jitters. Fresh concerns were raised after Brexit Secretary Davis’ said that the UK could quit Brexit talks unless the EU drops the divorce bill demand – as high as €100 billion. There were added concerns from fresh UK polls showing the…

STERLING There were some big moves for the Pound last week in both directions with some notable action on Thursday that left many investors scratching their heads. Against the Dollar, the Pound rose to its best level since September shortly after UK retail sales surprised to the upside, but later in the session saw a…

STERLING It was a slightly softer week for the Pound after a poor showing for UK data and the Bank of England’s statement. Of note, UK industrial production dropped 0.5% month-on-month versus a forecast of 0.4%, while manufacturing production fell 0.6% month-on-month versus 0.2% forecast. More pressing, however, was the Sterling weakness following the Bank…