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Pound Sterling opens the week largely unchanged
Published: 22 Oct at 10 AM Tags: Pound Sterling, Forex, UK, Inflation,
The pound opened the trading week largely unchanged ahead of four straight days of UK economic data.
In a quiet news day, the interview by Ben Broadbent, one of the nine members of the Bank of England’s Monetary Policy Committee raised a stir. Broadbent sees UK inflation heading back below the Bank’s 3% target level
Broadbent also commented that the Monetary Policy Committee’s (MPC) new ‘forward guidance’ policy is meant to ensure “this recovery, which is only just beginning, continues and is not choked off by a premature rise in interest rates,"
Broadbent also stated that with UK mortgage rates at historic low levels, “there's a fair amount they could go up before borrowers got into great difficulty."
By contrast to the upbeat message from the UK central banker, the Household Finance Index from economic research group Markit reported that to date the economic boost from better consumer finances is showing little sign of materialising as household budgets remain under pressure.
The data indicated a pessimistic outlook for the financial well-being for UK households in the next year, with 38% of people surveyed suggesting that their finances will deteriorate and only 26% expecting an improvement.
Speculation about future policy from the US Federal Reserve intensified yesterday after Fed Board member Charles Evans stated in an interview that "The US Federal Reserve may not begin tapering for several months because the government shutdown has left the economic picture unclear:.
Evans said "October is a tough one. December? I think we need a couple of good labour reports and evidence of increasing growth, GDP growth. It's probably going to take a few months to sort that out."
Evans remarked that he wants to see non-farm payrolls, the key unemployment data out of the US consistently above the 200,000-plus mark.
Meanwhile, the National Association of Realtors (NAR) reported that existing home sales in the US fell by 1.9% month-on-month in September to reach an annualised rate of 5.29 million units which represents an increase of 10.7% in new home sales year on year.
In a quiet news day, the interview by Ben Broadbent, one of the nine members of the Bank of England’s Monetary Policy Committee raised a stir. Broadbent sees UK inflation heading back below the Bank’s 3% target level
Broadbent also commented that the Monetary Policy Committee’s (MPC) new ‘forward guidance’ policy is meant to ensure “this recovery, which is only just beginning, continues and is not choked off by a premature rise in interest rates,"
Broadbent also stated that with UK mortgage rates at historic low levels, “there's a fair amount they could go up before borrowers got into great difficulty."
By contrast to the upbeat message from the UK central banker, the Household Finance Index from economic research group Markit reported that to date the economic boost from better consumer finances is showing little sign of materialising as household budgets remain under pressure.
The data indicated a pessimistic outlook for the financial well-being for UK households in the next year, with 38% of people surveyed suggesting that their finances will deteriorate and only 26% expecting an improvement.
Speculation about future policy from the US Federal Reserve intensified yesterday after Fed Board member Charles Evans stated in an interview that "The US Federal Reserve may not begin tapering for several months because the government shutdown has left the economic picture unclear:.
Evans said "October is a tough one. December? I think we need a couple of good labour reports and evidence of increasing growth, GDP growth. It's probably going to take a few months to sort that out."
Evans remarked that he wants to see non-farm payrolls, the key unemployment data out of the US consistently above the 200,000-plus mark.
Meanwhile, the National Association of Realtors (NAR) reported that existing home sales in the US fell by 1.9% month-on-month in September to reach an annualised rate of 5.29 million units which represents an increase of 10.7% in new home sales year on year.
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Source: moneytransfer.co.uk