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IFS Issues Shatter Analysis of Autumn Statement

November 24, 2016 - Written by Minesh Chaudhari

Pound Euro Exchange Rate Close as IFS Blasts UK’s Future Prospects



The Pound has managed to hit a rate of 1.17 against the Euro today, a step down from the earlier high of 1.18.

UK news has been forward facing recently, with Chancellor Philip Hammond’s first and last Autumn Statement being followed by a pessimistic response from the Institute for Fiscal Studies (IFS).

The IFS has been a highly limiting influence on Sterling today, having estimated that funding the NHS could reach a crisis point soon and that UK wages are still expected to be below their pre-financial crisis levels by 2021.

Pound Sterling Predictions: Uncertainty ahead for UK GBP and Confidence Data



Friday is not expected to see much in the way of clarity for the UK’s state of affairs as the Q3 GDP growth rate stats have a dip predicted on the quarter but a rise forecast on the year.

Looking ahead to next week, the Pound could firm against the Euro on Wednesday when the GfK consumer confidence result for November comes in; this is expected to ‘improve’ from -3 to -1.

Outside of these scheduled announcements, the Pound could also be shifted against the Euro by any Government responses to the IFS’s outlook, which may go some way to reassure investors about the future UK economy.

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Euro (EUR) Demand remains High despite Mixed Outcome from German Ecostats



The Euro has dropped to 0.84 against the Pound today, although other pairing movements have seen greater gains for the single currency. The latest domestic data has been sourced mainly from Germany.

Starting off daily news on a negative note has been the Q3 finalised GDP growth rate, which has flopped on both the quarter and the year.

More supportively, Ifo surveys have seen rises for November in some areas, while Gfk consumer confidence has climbed in December.

Euro Pound Exchange Rate Forecast: Varied Italian Sales Stats may Trigger EUR GBP Dip Tomorrow



The last day of the week is not expected to be awash with high-impact Eurozone releases, though opening French consumer confidence data for November may still have a minor influence over the Euro’s value; a fractional rise is expected on the month.

As it stands, orders are predicted to crash from 10.2% to -2.7% on the month, while both the monthly and annual retail sales outcomes are set to rise out of negative ranges.

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