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The pound continues to slowly sink
Published: 25 Mar at 9 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Swiss Franc Exchange Rate, Euro Crisis, UK, Economy, Inflation, France,
The pound continues to fall away from the multi-month and year high’s registered in January.
Yesterday, the pound fell against the majority of the 16 most actively traded currencies despite some better than expected data out of the UK. The Office for National Statistics (ONS) reported that the UK public sector’s net borrowing requirement came in at £9.3 billion, ahead of projections.
Despite the economic recovery underway in the UK, analysts were quick to point out that "The big picture is still that there is a very long way to go before the public finances are restored to full health.”
Meanwhile, Markit reported that the euro zone economy registered its strongest spell of growth since the first half of 2011 in March.
Among the positive indicators, new order growth accelerated to its fastest pace since May 2011 whilst the backlog of work registered its biggest increase since June 2011 and employment rose for the second straight month in a row.
There was further good news for the euro zone after its second largest economy, France registered growth in both its manufacturing and services sectors.
Markit Chief Economist Chris Williamson said the first quarter of this year was the euro zone's best since the second quarter of 2011.
Meanwhile the same cannot be said of China’s manufacturing sector which showed that output contracted at its quickest pace in 18 months according to the latest Markit data.
HSBC Chief Economist Honbin Qu commented that “Weakness is broadly-based with domestic demand softening further. We expect Beijing to launch a series of policy measures to stabilize growth. Likely options include lowering entry barriers for private investment, targeted spending on subways, air-cleaning and public housing, and guiding lending rates lower”.
Despite the poor data out of China, the Australian dollar surprised on the upside reaching a 2014 high against the pound.
The US dollar also endured a poor day yesterday after another set of disappointing US manufacturing data.
Today sees the publication of the latest batch of UK inflation data; CBI Trade data and a housing market survey and yet more US data out this afternoon to give the market a nudge, one way or another.
Yesterday, the pound fell against the majority of the 16 most actively traded currencies despite some better than expected data out of the UK. The Office for National Statistics (ONS) reported that the UK public sector’s net borrowing requirement came in at £9.3 billion, ahead of projections.
Despite the economic recovery underway in the UK, analysts were quick to point out that "The big picture is still that there is a very long way to go before the public finances are restored to full health.”
Meanwhile, Markit reported that the euro zone economy registered its strongest spell of growth since the first half of 2011 in March.
Among the positive indicators, new order growth accelerated to its fastest pace since May 2011 whilst the backlog of work registered its biggest increase since June 2011 and employment rose for the second straight month in a row.
There was further good news for the euro zone after its second largest economy, France registered growth in both its manufacturing and services sectors.
Markit Chief Economist Chris Williamson said the first quarter of this year was the euro zone's best since the second quarter of 2011.
Meanwhile the same cannot be said of China’s manufacturing sector which showed that output contracted at its quickest pace in 18 months according to the latest Markit data.
HSBC Chief Economist Honbin Qu commented that “Weakness is broadly-based with domestic demand softening further. We expect Beijing to launch a series of policy measures to stabilize growth. Likely options include lowering entry barriers for private investment, targeted spending on subways, air-cleaning and public housing, and guiding lending rates lower”.
Despite the poor data out of China, the Australian dollar surprised on the upside reaching a 2014 high against the pound.
The US dollar also endured a poor day yesterday after another set of disappointing US manufacturing data.
Today sees the publication of the latest batch of UK inflation data; CBI Trade data and a housing market survey and yet more US data out this afternoon to give the market a nudge, one way or another.
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Source: moneytransfer.co.uk