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Choppy week for Sterling pairs as U.K. data came in mixed and traders weighed in on the next PM. But overall, it looks like counter currency flows and global risk sentiment were the top driving factors for the difference in performance among British pound pairs at the end of the week.
United Kingdom Headlines and Economic data
Monday:
- UK PM candidate Hunt says: EU will do a new Brexit deal with me
- UK economy shrinks in April after car plants closed, expecting Brexit
- The U.K.’s total trade deficit (goods and services) widened £2.7 billion to £15.6 billion in the three months to April 2019
- Construction output decreased by 0.4% in the month-on-month all work series in April 2019
- BoE’s Saunders says UK rates may need to rise before markets expect
- UK leadership race kicks off as the economy starts to weaken
- It was almost all bad news from this session’s batch of U.K. economic data, and likely the reason for the broad move lower in British pound pairs.
Tuesday:
- BoE’s Broadbent not concerned about market view on rates
- UK April pay data beats forecasts, employment growth slows – while mixed, this was a solid showing given the Brexit drama and slowing economic conditions. Sterling broadly moved higher after the release.
- Tory leadership rivals split over Brexit deadline
- New PM will not change Brexit deal – EU’s Juncker
- Bank of England’s Vlieghe sees greater risks for economy
Wednesday:
- Boris Johnson says he is ‘not aiming for no deal’
- Confidential cabinet note warns UK not ready for a no-deal Brexit on October 31 – this was likely the catalyst for the uniform move lower in Sterling pairs in the London / U.S. session overlap.
- UK Labour moves to prevent new PM pursuing no-deal Brexit: Starmer
- MPs reject Labour plan for no-deal vote
- Brexit delay gives some relief to UK housing market – RICS
Thursday:
Friday: