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Another relatively mixed and quiet week for Sterling pairs as counter currency flows were a strong driver. But ultimately, the British pound finished as a net loser, likely on weak economic updates, negative polling for the Tories, and a dovish turn in sentiment from the Bank of England.
United Kingdom Headlines and Economic data
Monday:
Tuesday:
- U.K. Service sector flatlines in October at 50.0
- UK economy starts fourth-quarter on weak note as Brexit hits orders
- UK consumers keep lid on spending in October: surveys
Wednesday:
- U.K.’s Johnson begins election battle, vowing Brexit and casting rival as ‘Stalin’
- General election: Conservative lead drops two points to 11% – poll – the broad weakness in Sterling on the session could arguably be attributed to this development as it raises the odds of a hung parliament situation (i.e., raising the odds of no action on Brexit)
Thursday:
- U.K. House prices in October were 0.9% higher than in the same month a year earlier
- UK’s Conservatives and Labour vow to spend big in battle for votes
- Two BOE Members Unexpectedly Vote for Rate Cut as Outlook Sours – this is a big change from the usual unanimous vote to hold rates, so obviously this was the catalyst for the spike lower in Sterling pairs during the Thursday session.
- BOE’s Carney on Brexit, Trade Uncertainty, U.K. Economy: Statement
Friday:
- A little bit of up and down action in Sterling to close the week, first likely higher on news of No checks on goods between NI and GB, but likely turned around on reports of chaos hitting Johnson’s U.K. election train to make Tories nervous.