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The pound falls away from its 10 month high
Published: 12 Nov at 9 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy, Inflation,
The pound fell away from the 10 month high reached on Thursday afternoon against th euro following the surprise decision by the European Central Bank (ECB) to cut euro zone interest rates by 0.25% to 0.25% after some worse than expected UK economic data was published.
According to the Office for National Statistics (ONS), the UK’s trade deficit in goods and services for October was £3.3 billion with a deficit of £9.8 billion on goods (up from £9.6 billion in September).
The overall trade in goods balance with the European Union has now reached a record deficit of £6.0 billion.
Economists at Barclays Research commented that "With the euro area economy still fragile and emerging from recession only slowly, this weakness in exports to the non-EU does not bode well for the overall trade position. Imports continue to rise, and we expect net trade to have subtracted from GDP growth in the third quarter".
Meanwhile the Royal Institute of Chartered Surveyors (RICS) reported that an increasing number of chartered surveyors are reporting property price increases in October, up to 57 points in October from 54 in September, its highest level since June 2002.
The report cites that a combination of low interest rates and the government’s Help to Buy scheme are helping to boost housing demand in the UK with the gap between demand and supply now at its greatest since May 2009, driving three-month price expectations higher in all regions, except for the North.
Economists at Barclays Research commented that "London and the South East remained the strongest performers in terms of recorded and expected price increases, reflecting the market tightness in these locations. However, although strengthening new buyer enquires have been a nationwide phenomenon, new instructions to sell have risen more strongly outside London and the South East".
Trading volumes were sharply reduced yesterday as the North American markets were closed for the Veterans Day holiday in the US but the dollar continues to make headway after the better than expected US jobs report out on Friday and the impact of the interest rate cut by the ECB continues to be felt.
The US jobs report showed that employers created a total of 204,000 jobs in October, well above expectations of a 125,000 jobs increase expected by analysts.
Today sees the publication of UK inflation data ahead of the Bank of England's latest quarterly inflation report due out tomorrow morning together with the latest UK unemployment data.
According to the Office for National Statistics (ONS), the UK’s trade deficit in goods and services for October was £3.3 billion with a deficit of £9.8 billion on goods (up from £9.6 billion in September).
The overall trade in goods balance with the European Union has now reached a record deficit of £6.0 billion.
Economists at Barclays Research commented that "With the euro area economy still fragile and emerging from recession only slowly, this weakness in exports to the non-EU does not bode well for the overall trade position. Imports continue to rise, and we expect net trade to have subtracted from GDP growth in the third quarter".
Meanwhile the Royal Institute of Chartered Surveyors (RICS) reported that an increasing number of chartered surveyors are reporting property price increases in October, up to 57 points in October from 54 in September, its highest level since June 2002.
The report cites that a combination of low interest rates and the government’s Help to Buy scheme are helping to boost housing demand in the UK with the gap between demand and supply now at its greatest since May 2009, driving three-month price expectations higher in all regions, except for the North.
Economists at Barclays Research commented that "London and the South East remained the strongest performers in terms of recorded and expected price increases, reflecting the market tightness in these locations. However, although strengthening new buyer enquires have been a nationwide phenomenon, new instructions to sell have risen more strongly outside London and the South East".
Trading volumes were sharply reduced yesterday as the North American markets were closed for the Veterans Day holiday in the US but the dollar continues to make headway after the better than expected US jobs report out on Friday and the impact of the interest rate cut by the ECB continues to be felt.
The US jobs report showed that employers created a total of 204,000 jobs in October, well above expectations of a 125,000 jobs increase expected by analysts.
Today sees the publication of UK inflation data ahead of the Bank of England's latest quarterly inflation report due out tomorrow morning together with the latest UK unemployment data.
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Source: moneytransfer.co.uk