Market reports

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…

STERLING It was somewhat of a mixed week for Sterling. The Pound saw a broadly weaker start to the week after press reports suggested deteriorating relations between the UK and Europe. EU officials were supposedly united on taking a hard stance in the upcoming Brexit negotiations while UK PM May had apparently threatened to walk…

STERLING The Pound saw gains against most of the majors last week as polls continued to suggest that the ruling Conservatives would strengthen their position in June 8th general election and therefore head into the Brexit negotiations in a stronger position. Relative Sterling strength stayed even after softer than expected GDP and housing data, with…

STERLING The Pound saw strong gains against most of the major currencies last week, after rallying sharply on Tuesday on news that the UK would hold a snap general-election in June. Polls would suggest that the ruling Conservatives would strengthen their position in government and therefore head into the Brexit negotiations in a stronger position.…

STERLING The Pound was mostly firmer last week, aided by a higher than expected headline CPI number while average earnings also rose. The Pound gained 1.2% against the Dollar and 0.9% against the Euro but lost 1.1% against the Yen. Newswires were quiet on Brexit to the benefit of the Pound, with little colour on…

STERLING The Pound was broadly lower last week, weighed by disappointing macro data and some dovish Bank of England rhetoric. The pound lost nearly 1.5% against the Dollar, 0.8% against the Euro and 1.7% against the Yen. We began on Monday with a miss for UK manufacturing PMI, followed by a soft construction PMI figure…