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POUND STERLING There was more bad news for the UK economy earlier today with the release of September’s PMI manufacturing survey, which showed that growth in the UK’s manufacturing sector came close to grinding to a halt last month. The Halifax House Price survey released tonight could provide further cause for concern. NEAR -TERM...

POUND STERLING The Bank of England’s Quarterly Bulletin, released earlier today, revealed the extent to which the UK’s £200bn asset purchase scheme has skewed British economic data in recent times. The Bulletin estimated that the bank’s QE policy may have added as much as 2% to the UK’s GDP figures, whilst it also estimated that...

POUND STERLING Growth in the UK construction sector showed a further slowdown last month according to the PMI construction survey released this morning. The figure represents the lowest reading since the turn of the year. Following on the coat tails of yesterday’s data which showed that the UK manufacturing sector is contracting,...

POUND STERLING This week sees a very light schedule of UK data releases, making Friday’s UK Q2 GDP figure all the more important. Sterling has lost a little ground against the high-yielders, but otherwise remains steady on the day. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE. US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is...

The Pound Euro exchange rate (GBP EUR) is 1.474. The Pound Dollar exchange rate (GBP USD) is 1.6480. The Pound Australian Dollar exchange rate (GBP AUD) is 1.5863. The Pound endured a poor day in the currency markets on Friday. Sterling opened brightly against the Euro to trade to within 0.6c of a 5-month high against Europe’s single...

POUND STERLING The Pound suffered in early trading today with August's Rightmove house price survey, released last night, showing that UK property sellers dropped their asking prices by a significant amount for the second month in succession. Tomorrow morning’s key UK CPI Inflation data for July will set the tone for the Pound for the...

POUND STERLING A better set of PMI data, this time in the construction sector, have helped prop up the Pound today. Yesterday’s PMI manufacturing numbers seriously disappointed and if tomorrow’s PMI figures for the UK’s key services sector also come in below expectations, then Sterling will come under selling pressure. NEAR-TERM...

POUND STERLING In the absence of any significant UK data releases, the Pound has drifted downwards against most of the other sixteen most-actively traded currencies on the day, with the notable exception of the Euro and the Scandinavian currencies. With major developments elsewhere causing a dip in appetite for risk, today’s downward...

POUND STERLING Figures released this morning by the Office of National Statistics confirmed that the UK Economy grew by 0.5% in the first quarter of 2011. The ONS figures also confirmed that UK Retail Sales contracted by 0.6% in the first three months of 2011, providing a reminder to investors that the UK economy is not in a strong state....

POUND STERLING The Pound has come under severe selling pressure following the release of the minutes of June’s Bank of England Monetary Policy Committee meeting earlier today. The minutes showed that only two of the nine man committee had voted for an interest rate hike, following the departure of long-time hawk Andrew Sentance. The...