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Sterling ends the week as a net loser thanks to more net weak economic data updates, supporting speculation of an interest rate cut.
United Kingdom Headlines and Economic data
Monday:
- UK GDP: economy shrank in run-up to election
- BoE’s Vlieghe to vote for rate cut if data shows weak economy: FT
- U.K. manufacturing production output decreased by 0.6% for the three months to November 2019
- The total U.K. trade surplus (goods and services) widened £0.6 billion to £1.1 billion in the three months to November 2019
- Britain’s Johnson says confident of tariff-free trade deal with EU
Tuesday:
Wednesday:
- BOE Saunders says U.K. needs aggressive response to risks
- Fall in inflation raises prospects of interest rate cut
- Expectations of BoE rate cut rise after UK inflation falls to three-year low
Thursday:
- U.K. Estate agents report ‘uplift’ in housing market
- Bank of England Credit Conditions Survey – 2019 Q4: Demand for lending decreased broadly
Friday:
- UK consumers cut back on spending again, adding to economic gloom – despite a valiant rally by the bulls from Tuesday through Thursday, the disappointing UK retail sales data was the knockout blow to end Sterling’s week as a net loser.