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Poor UK data hurts the pound
Published: 10 Oct at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Euro Crisis, UK,
For the second day in a row, poor UK economic data hurt the pound, sending it to a 5 week low against the euro.
On Tuesday, the British Retail Consortium (BRC) reported worse than expected UK retail sales data for the second month in a row.
Yesterday, the Office for National Statistics (ONS) reported a surprise drop in UK industrial production with a sharp contraction of 1.1% month-on-month pace during August. UK manufacturing activity also fell, by 1.2%.
Analysts had expected a rise of 0.4% on both. The predictable reaction was a heavy fall in the value of the pound across the board.
Meanwhile, the dollar made headway against the other major currencies yesterday as the markets reacted positively to the news that president Obama would nominate Janet Yellen to be the next US Federal Reserve Chief to replace Ben Bernanke who retires in January 2014.
Most analysts see Yellen, currently the Vice Chairman of the Federal Reserve as a monetary policy dove who is more likely to continue with the central bank's asset-buying programme than rival candidates. Yellen's nomination took the market’s attention temporarily away from the US government shutdown which is now into its tenth day.
The Federal Reserve celebrates its centenary in December and Yellen, if her nomination is confirmed will be its first female boss.
Last night, the minutes of the last Federal Reserve policy meeting from the beginning of the month were published and showed that US policy makers were split over the merits of slowing its $85 billion per month asset purchase scheme in September.
On Tuesday, the British Retail Consortium (BRC) reported worse than expected UK retail sales data for the second month in a row.
Yesterday, the Office for National Statistics (ONS) reported a surprise drop in UK industrial production with a sharp contraction of 1.1% month-on-month pace during August. UK manufacturing activity also fell, by 1.2%.
Analysts had expected a rise of 0.4% on both. The predictable reaction was a heavy fall in the value of the pound across the board.
Meanwhile, the dollar made headway against the other major currencies yesterday as the markets reacted positively to the news that president Obama would nominate Janet Yellen to be the next US Federal Reserve Chief to replace Ben Bernanke who retires in January 2014.
Most analysts see Yellen, currently the Vice Chairman of the Federal Reserve as a monetary policy dove who is more likely to continue with the central bank's asset-buying programme than rival candidates. Yellen's nomination took the market’s attention temporarily away from the US government shutdown which is now into its tenth day.
The Federal Reserve celebrates its centenary in December and Yellen, if her nomination is confirmed will be its first female boss.
Last night, the minutes of the last Federal Reserve policy meeting from the beginning of the month were published and showed that US policy makers were split over the merits of slowing its $85 billion per month asset purchase scheme in September.
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Source: moneytransfer.co.uk