The National Institute of Economic and Social Research said that inflation would soar to almost double the Bank of England's target rate in early 2022.
The British pound initially tried to rally during the course of the trading session on Monday but gave back early gains to form a less than impressive candlestick. At this point, we are sitting on the 50 day EMA and asking questions of the overall trend.
The British pound has initially tried to rally during the course of the session on Monday, only to give up early gains and break down again.
According to Markit's monthly PMI, raw material, staff and skill shortages were all major factors stymieing output growth and contributing to a further marked increase in input purchasing.
UK aerospace and defence company Meggitt is to be taken over by US rival Parker Hannifin in a £6.3bn deal.
GBP/USD is testing the resistance level at 1.3900.
The dollar edged lower Monday, just above a one-month low, in tight trading ranges ahead of the release of key U.S. employment data later in the week which could influence Federal Reserve policy. The dollar index dropped close to 1% last week after Fed Chairman Jerome Powell stated, following the central bank’s July meeting, that interest rate increases were still a long way away and more economic progress was needed, particularly in terms of jobs being created, before the central bank started tapering its huge bond-buying program. Fed board member Lael Brainard restated the central bank's focus on further labor market progress at the weekend, while Minnesota Fed President Neal Kashkari warned that the spread of the delta variant of Covid-19 could slow the economy in the second half.
It’s a busy day ahead on the economic calendar, with manufacturing sector PMI numbers and German retail sales figures to keep the markets busy.
Economic data and monetary policy will be in focus in the week ahead. Both the RBA and the BoE are in action. Expect FOMC member chatter to also draw attention.
The British pound has rallied significantly during the course of the week, reaching towards the 1.40 handle. At this point, we now face the next resistance barrier.
The British pound has rallied a bit during the course of the trading week as we broke above the top of a massive hammer from the previous week.
The British pound has initially tried to rally towards the 1.40 handle before pulling back and finally pushed back against the overbought condition.
The UK is facing a lorry driver shortage due to the 'double whammy' of Brexit and the pandemic.
The British pound has rallied a bit during the course of the trading session on Friday again, but as you can see, we are struggling to break above that shooting star from the previous session.
The real estate portal posted operating profit of £114.9m, up 86% on 2020, and 6% on 2019. Its revenue was up 58% year-on-year.