Yesterday the fallout from the UK’s main Brexit negotiator Sir Ivan Rogers resignation came to the forefront as politicians shared their thoughts. Sir Ivan in a leaving note to staff said “I hope you will continue to challenge ill-founded arguments and will never be afraid to speak the truth to those in power”. Considering the surprise from many when the chief negotiator quit months before the job begins, his comments may raise concerns about the current stance of the Government.
The UK household borrowing has risen to its highest since the credit crunch in 2008. The Bank of England data revealed that the total borrowing figure to the end of November grew to £192.2bn. Following the report there have been discussions held at the Treasury to introduce a scheme that will create breathing space, to provide consumers more time to pay off their debts.
Yesterday’s Construction Purchasing Managers Index figures showed the industry executives surveyed in December expect the current positive trend to continue, as the results were better than expected. Furthermore, there was an increase of over 13,000 mortgages for the month of November. The end of the week is quiet for today with Markit Services PMI expected today with no new data releases tomorrow.
In the short term, it seems unlikely that there will be much movement caused to the currency market by good data. There has been a constant stream of better than expected data along with analyst firms backtracking from their previous predictions after Brexit, however it has had little effect. The main focus at the moment is surrounding politics however once the Brexit debate becomes clearer and there is less uncertainty I believe Sterling could start to strengthen.
If you do have an upcoming requirement there is so much volatility that being in touch with your broker could make the difference between trading at the high and the lows. Call our team on 01494 725 353 or email me here if youd like to discuss a transfer.
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