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The pound comes off its recent high?s
Published: 7 Jan at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Forex, Euro Crisis, UK,
The pound opened the first full trading week of the year on the back foot following the publication of disappointing UK services sector data which came in at a 6 month low and below analysts’ expectations.
Commenting on the data, Chris Williamson, Chief Economist at Markit, pointed out that "If borne out by the official data, gross domestic product will have expanded at a 1.9% clip over the last year, the most since 2007," he added.
Williamson also labelled as "very encouraging" the fact that this is a broad-based upturn, which adds to the sustainability of the recovery.
Yesterday also brought a warning from the British Chambers of Commerce (BCC) that the UK’s rapid economic recovery will be hampered in 2014 unless the government acts to encourage corporate lending,
On a brighter note, the UK’s car market sped up in 2013 to record its best year for sales since 2007, before the financial crisis. A combination of cheap credit and improved consumer confidence saw households buy more than 2.26 million vehicles in the past 12 months, a rise of 10.5% on 2012.
Later, the US dollar came under pressure after the Institute for Supply Management’s non-manufacturing PMI recorded a fall in December from 53.9 to 53, indicating that activity growth slowed last month.
Investors are keeping a close eye on economic data to try and gauge whether the Federal Reserve will further reduce its monetary stimulus program after it cut monthly bond purchases from the long standing $85 billion a month to $75 billion in December.
Last night saw the confirmation of Janet Yellen by the Senate as the next Chairman of the Federal Reserve after Ben Bernanke steps down at the end of the month.
The euro strengthened against the pound and the dollar after data showed better than expected euro zone service activity and an increase in investor confidence.
In addition, German retail sales registered a stronger than expected rebound in November according to data published this morning by the Germany's national statistics office Destatis.
Commenting on the data, Chris Williamson, Chief Economist at Markit, pointed out that "If borne out by the official data, gross domestic product will have expanded at a 1.9% clip over the last year, the most since 2007," he added.
Williamson also labelled as "very encouraging" the fact that this is a broad-based upturn, which adds to the sustainability of the recovery.
Yesterday also brought a warning from the British Chambers of Commerce (BCC) that the UK’s rapid economic recovery will be hampered in 2014 unless the government acts to encourage corporate lending,
On a brighter note, the UK’s car market sped up in 2013 to record its best year for sales since 2007, before the financial crisis. A combination of cheap credit and improved consumer confidence saw households buy more than 2.26 million vehicles in the past 12 months, a rise of 10.5% on 2012.
Later, the US dollar came under pressure after the Institute for Supply Management’s non-manufacturing PMI recorded a fall in December from 53.9 to 53, indicating that activity growth slowed last month.
Investors are keeping a close eye on economic data to try and gauge whether the Federal Reserve will further reduce its monetary stimulus program after it cut monthly bond purchases from the long standing $85 billion a month to $75 billion in December.
Last night saw the confirmation of Janet Yellen by the Senate as the next Chairman of the Federal Reserve after Ben Bernanke steps down at the end of the month.
The euro strengthened against the pound and the dollar after data showed better than expected euro zone service activity and an increase in investor confidence.
In addition, German retail sales registered a stronger than expected rebound in November according to data published this morning by the Germany's national statistics office Destatis.
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Source: moneytransfer.co.uk