UK services sector growth slowed to its weakest level in nearly two-and-a-half years in November, amid weaker growth in both business activity and new work as Brexit concerns intensified, defying expectations for a modest improvement. The CIPS UK Services purchasing managers' index, or PMI, fell to 50.4 from 52.2 in October, marking the lowest level since July 2016. more...
In the aftermath of EUR/GBP's largest climb in a single day since June 2016, the pair is attempting to overturn its dominant downtrend. Looking at the daily chart below, the Euro climbed against the British Pound above the descending trend line from August. However, further upside progress was notably lacking and EUR/GBP was unable to push above the October high. In its attempt to do that, a horizontal range of resistance has formed between ...
There is the “backstop”, a form of assurance that the Republic of Ireland seeks in that the border with Northern Ireland (part of the UK) is kept completely open for the free passage of trade, people, and services. Dublin insists on this, even if there is a hard or “No-Deal” Brexit. It is not too difficult to see why the Irish feel this way as the UK accounts for 16% of Irish exports and 39% of their imports. Any fetter to the freedom ...
The latter-portion of last week saw a strong bounce develop in GBP/USD, and this came after the pair tested below a key psychological level for the first time since last September. As we wrote earlier during the week, the down-trend in the British Pound was very much in-focus as we approached a read of inflation out of the UK for the month of June. Markets were looking for inflation to perk-up to 2.6% after two consecutive months at 2.4%, but the actual print gave us a third straight month at 2.4% ...
BRITAIN slashed its growth forecasts for its Brexit-bound economy and expects to borrow sharply more going into the next decade, finance minister Philip Hammond said yesterday as he delivered a gloomy budget statement in parliament. Slower economic growth will mean lower tax revenues, giving Hammond little room for the bold moves that many in his Conservative Party — still smarting from an election mauling in June — are demanding to help ...
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