Pound euro exchange rate: GBP/EUR rises as Eurozone’s manufacturing sector suffers in July

Chris Williamson, a Chief Business Economist at IHS Markit, commented: “The manufacturing sector has become an increasing cause for concern. Geopolitical worries, Brexit, growing trade frictions and the deteriorating performance of the autos sector in particular has pushed manufacturing into a deeper downturn.” Today saw the flash German Markit Manufacturing PMI figures for June, which slipped further into contraction territory from […]

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Pound US dollar exchange rate: GBP/USD eases as Boris Johnson expected to become PM

Brexiter Boris Johnson is a strong favourite to succeed Prime Minister Theresa May, and confirmation of his victory could increase no-deal Brexit fears. Former Health Minister and Tory rebel Philip Lee said: “It is going to be really challenging for him to govern. I don’t see how he has got a majority to govern. It’s a very, very fragile situation with […]

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Pound US dollar exchange rate: GBP/USD fluctuates, markets brace for Fed speech

However, gains were latter tempered by a slightly better-than-forecast US PPI report.  Overnight Chinese growth figures hit their worst levels in 27 years, but the US dollar failed to benefit from its safe-haven status as Chinese retail sales, industrial production and fixed asset investments beat forecasts. The pound, meanwhile, has remained subdued against many of its competitors following the publication […]

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US v Europe: Trump takes aim at Brussels with threat of tariffs on $4bn worth of EU goods

The US government fired its latest response in a long-standing dispute over aircraft subsidies which threatens to blow up into the largest-ever corporate trade dispute. Food and drink that could come under fire in this list, which is on top of products worth $21 billion that were announced in April, range from olives and Italian cheese, to Scotch whiskey. The US […]

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Pound US dollar exchange rate: GBP slides as UK construction output falls

The UK’s Markit construction PMI revealed that construction output fell at the steepest rate since April 2009. June’s data revealed a sharp loss of momentum, with the gauge falling from May’s 48.6 to 43.1 in June. The sector suffered the sharpest drop in house building for three years, and new orders shrank as political uncertainty hit client confidence. Commenting on […]

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Pound US dollar exchange rate: GBP flat as US-China agreement ‘90 percent complete’

While demand for the pound remains limited amid ongoing political uncertainty, the US dollar came under pressure yesterday as President Donald Trump launched another attack on the Federal Reserve. The President appeared to imply that he could have Fed Chair Jerome Powell removed. Rising risk appetite also left USD exchange rates on the back foot as US Treasury secretary Stephen […]

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Pound euro exchange rate: GBP falls despite Germany economic sentiment weakening

The flash German PMI composite revealed that output growth remained moderate, however sentiment weakened as the composite remained unchanged at 52.6. Data showed that the services sector drove growth in June, with the services PMI jumping to a two-month high of 55.6 and manufacturing rising to 45.4, a four-month high – although still in a state of contraction. Commenting on the data, […]

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Brexit Party accuses CBI of ‘cherry picking’ negative data to talk down EU exit

Louis Stedman-Bryce, The Brexit Party’s sole MEP for Scotland, said he refuses to believe warnings of a hard Brexit being bad for the economy, claiming it is the uncertainty which is having a bad impact on finances. Speaking to the Helensburg Advertiser, he said “I don’t believe the warnings” and maintained a no deal exit must “remain an option”. Mr […]

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