BoE Interest Outlook weakens Sterling
After recent gains for the pound against the majority of major currencies we have seen the fragility of sterling demonstrated. We have seen a fall in inflation, retail sales and GDP. GDP fell to a five year low at 0.1%. A rate hike from the Bank of England (BoE) was largely factored into the exchange, but following a host of poor data we could see a hike delayed and this is the cause for the current fall in the Pounds value.
There are also concerns regarding the customs union situation. Theresa May will hold a cabinet meeting tomorrow on whether Britain should remain in a customs union with the EU. Brexit negotiator Oliver Robbins is pushing forward a proposal that will keep the UK in a customs partnership and Theresa May is behind this proposal, unfortunately the majority of the cabinet are not so keen. Keep a close eye on developments as this has the power to influence the markets.
GBP/AUD – Buyers move in the 1.84s, sellers 1.82s
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