AceTraderFx Nov 5: Intra-Day Market Moving News and Views (GBP/USD)

Trading Discussion Currencies
121

Intra-Day Market Moving News and Views
18 Apr 2016 08:33GMT

GBP/USD - ...... Cable rebounds from intra-day low of 1.4132 on short covering after Reuters news reported the "In" camp maintains lead.

Reuters reported the “In” campaign has retained its seven percentage point lead ahead of Britain’s June 23 referendum on whether Britain should stay in the European Union although more voters were undecided, according to a ComRes poll for the Sun newspaper on Monday.
The telephone survey of 1,002 people carried out last week found support for staying in the bloc was on 45 percent with 38 percent of voters backing a Brexit.

That meant the “In” camp’s lead was unchanged from a similar ComRes poll last month although the number of undecided voters had risen significantly to 17 percent. Last month, 11 percent said they did not know how they would vote.

“It is clear there is still considerable confusion about the referendum, which suggests a lack of clarity from both campaigns,” Tom Mludzinski from ComRes told the Sun.
Phone surveys have generally indicated support for remaining in the EU firmly ahead of the “Out” campaign, while online polls have the two sides running neck and neck.

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122

Intra-Day Market Moving News and Views
27 Apr 201 05:00GMT

GBP/USD - 1.4586... The British pound extended its recent ascent against the usd and rallied to a high of 1.4640 in New York morning on Tuesday after release of poor U.S. durable goods data, however, IMC poll showed 'Out' campaign in the lead and price later retreated to 1.4565 in o/n New York before edging higher in tandem with euro after Asian open on Wednesday.

Today focus for the British pound will be on the release of UK GDP data in European morning (08:30GMT).
Market expects the UK’s economic growth to slow down in the first quarter as weakening global growth has caused ructions in financial markets while fears that the country will leave the European Union after an in-out referendum in June prompted companies to hold back on investment and hiring also weigh on the prospects for the UK’s economy.

At the moment, bids are noted at 1.4580-70 and then 1.4560-50 with mixture of bids and stops at 1.4540-20 region.
On the upside, offers are noted at 1.4610-20 and more at 1.4630-50 region with stops above 1.4670.

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123

Intra-Day Market Moving News and Views
12 May 05:00GMT

GBP/USD - ...... The British Pound swung wildly yesterday as despite initial sharp retreat from 1.4467 to 1.4395 in Europe on poor UK factory data together with fears of 'Brexit', price rallied to session high at 1.4489 in New York morning on dlr's broad-based weakness. However, renewed selling there pressured the pair lower and cable dropped to 1.4441 in New York afternoon, then 1.4434 ahead of Asian open.

Today’s super Thursday will see the release of BoE rate decision, policy statement, meeting minutes and quarterly inflation report at 11:00GMT.
Although no changes are expected on the policy front, traders would look closely at the minutes to gauge the possible route the central bank is looking to take with its rates.

Bids are now lowered to 1.4410/20 and more below at 1.4390/00 with stops building up below there whilst initial offers are noted at 1.4510/20, suggesting further choppy trading would be seen ahead of European open.

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124

Intra-Day Market Moving News and Views- GBP/USD
23 May 2016 01:10GMT

GBP/USD - ...... Reuters reported over the w/end the campaign to keep Britain in the European Union extended its lead over the "Out" campaign in an opinion poll published on Saturday, while two major bookmakers offered the shortest odds to date on a vote to remain.

The poll from market research company Opinium for the Observer newspaper marked the sixth poll out of seven published in the last week to show the Remain campaign in the lead.
Forty-four percent of Britons wanted to remain in the EU, up from 42 percent in an Opinium/Observer poll at the end of last month, while the proportion wanting to leave edged down a point to 40 percent.

As polls have given sharply different pictures of public opinion, many investors are watching betting odds closely. Odds have consistently indicated a high probability of an “In” result in the June 23 referendum.

The two bookmakers said the vast majority of cash staked on the referendum backed a “Remain” result - 90 percent of it in the case of Ladbrokes. Still, William Hill said most individual gamblers had betted on Britain leaving the EU.
“The Brexit rally of a few weeks ago seems a distant memory. It’s significant that so many people are prepared to back remain despite the short odds,” according to Ladbrokes.
William Hill’s odds now reflect an 85 percent chance of a “Remain” vote, up from 83 percent on Friday. Ladbrokes, which removes the margin it takes on bets from its calculations, pointed to a 79 percent chance - up from 66 percent a month ago.

Earlier on Saturday, finance leaders of the Group of Seven industrial powers united over the weekend in wishing that Britain stays in the EU, but acknowledged they could do little more than hope.

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125

Intra-Day Market Moving News and Views
06 Jun 2016 00:07GMT

GBP/USD - … YouGov Brexit poll for ITV puts ‘remain’ at 41 pct, ‘leave’ at 45 pct.
Reuters then reported support for Britain to leave the European Union stood 4 points ahead of support for remaining in the 28-member bloc, according to a YouGov poll for ITV, Bloomberg reported on Monday.

The poll was based on a Wednesday-Friday survey of 3,405 people.
Britons vote on June 23 on whether to remain in the EU.

The campaign to get Britain out of the European Union has a 2-point lead over the “Remain” campaign, polling firm TNS citing a poll conducted in the third week of May.
Forty-three percent of respondents wanted Britain out of the EU, while 41 percent wanted it to stay, according to the online poll of 1,213 Britons. The difference was within the poll’s margin of error. Sixteen percent of respondents were undecided.

The TNS poll was carried out between May 19-23, a month before the EU referendum date.

Britons will vote in just over 2 weeks time on June 23 on whether to remain in the 28-member bloc, with important implications for its trade, economic and political status.
The campaign to stop Britain voting to leave the EU has seen its lead shrink recently, with polls in the past week showing gains for “Leave”.
Sterling fell sharply last Tuesday when both an online and a telephone poll for ICM showed a 3-percentage-point lead for the “Leave” campaign.

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126

Intra-Day Market Moving News and Views
14 Jun 2016 03:22GMT

GBP/USD - … Cable erased yesterday’s gain in New York after price rebounded from a near 2-month European low of 1.4116 to 1.4330 in New York.

Traders reacted by buying sterling in New York morning when certain newswire erroneously reported the ‘Remain’ camp was 6 points ahead and that resulted in a fierce short-covering rally, price briefly fell back to 1.4201 after latest poll results showed the 'Leave ’ camp was ahead, traders were in no mood of selling the pound after intra-day wild swings.

Latest polls results on Reuters as follow :
“Leave” on 46 pct, “Remain” 39 pct -YouGov poll; “Leave” on 49 pct, “Remain” 48 pct -ORB poll; “Out” on 53 pct, “In” 47 pct -ICM polls and Sun says UK must set itself free from “dictatorial Brussels”.

Offers and bids…forget about them for the time being.

Pay attention to a slew of U.K. inflation data at 08:30GMT, however, market reaction from these data will only be very temporary.

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127

Intra-Day Market Moving News and Views
22 Jun 2016 03:05GMT

[B]GBP/USD[/B] - ....... Although the British pound extended recent winning streak to a fresh 5-month peak at 1.4788 in Europe on Tuesday, price came under renewed selling pressure on worries ahead of the U.K. vote to remain or leave the European Union and fell to 1.4655 in New York morning, then lower to 1.4615 near New York close before recovering to 1.4695 partly due to cross-buying in sterling vs euro.

As price has penetrated o/n New York res at 1.4695 in Asian morning on Wednesday, suggesting consolidation with mild upside bias would be seen ahead of European open.
However, sharp gain is not likely and the British pound may go under another round of selling pressure when European traders enter the market later today.
Having said that, investors should also take note to the release of UK’s CBI distribution at 10:00GMT.

At the moment, initial bids are noted at 1.4660-50 and then 1.4630-20 with stops below 1.4610.
On the upside, offers are reported at 1.4720-30 and more at 1.4740-50 with stops above there.

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128

AceTraderFx Jul 05: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
05 Jul 2016 01:05GMT

Yesterday at closing GBP/USD bids were seen at 1.3250/60 and more below at 1.3220/30 with stops building up below there whilst initial offers were noted at 1.3370/80, suggesting further choppy trading would be seen.

Reuters just reported confidence among British businesses fell sharply following the vote to leave the European Union, a survey showed on Tuesday, reinforcing the view that the economy could be in for hard times after the historic decision.
The number of businesses pessimistic about the economy over the next twelve months jumped to 49 percent in the week following the referendum from 25 percent before the vote outcome, according to a survey conducted by YouGov and the Centre for Economics and Business Research (Cebr).

Britain’s vote to withdraw from the 28-nation club has prompted political chaos, a sharp drop in sterling and clouded the economic outlook.
Against this backdrop, Bank of England Governor Mark Carney has said it would likely need to provide more stimulus to the economy over the summer.

The survey of 1,000 British-based companies also showed 26 percent of respondents were pessimistic about their own business outlook, up from 16 percent before the referendum.
Businesses are increasingly downbeat about their operations in the year ahead, with expectations for domestic sales, exports and capital investment all dropping sharply, it showed.

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129

Intra-Day Market Moving News and Views
06 Jul 2016 03:10GMT

Reuters reported sources from an influential U.S. central banker of the Federal Reserve, that they can be patient on raising interest rates due to low inflation and uncertainties over U.S. economic prospects.

While New York Fed President William Dudley, meeting with business and community leaders in Binghamton, New York, said that the U.S. economy is doing “ok” on average but that it was too soon to tell the effects of last month’s so-called Brexit referendum.
A close ally of Fed Chair Janet Yellen, Dudley did not say when he expected the central bank to raise rates after having initially tightened monetary policy in December. But he cautioned there were reasons to wait and see.

Britons voted on June 23 to leave the EU, a shock decision that sent financial markets reeling and the dollar higher. Now, economists are not expecting the Fed to raise rates again until December or even next year.
“One of the biggest” clouds on the horizon for the U.S. economy is Britain’s vote, even though it is “still early days” to understand the consequences, Dudley said, echoing recent comments of colleagues at the Fed.

Neither interview made clear what prompted Williams to step back from his view, expressed as recently as May, that the Fed could reasonably raise rates two or three times this year.
A weak jobs report last month had some Fed officials doubting the strength of the U.S. labor market’s recovery, but Williams indicated he thought it was largely a statistical fluke.

Asked by Market Watch if his message is that “the economy is doing well. Full stop,” Williams agreed.
Pointing to high valuations of real estate and stocks, he said the economy and financial system face risks if the Fed keeps rates too low for too long.

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130

Intra-Day Market Moving News and Views
11 Jul 2016 01:10GMT

British finance minister George Osborne will meet some of Wall Street’s biggest investors in New York on Monday to urge them to stick with Britain despite last month’s vote to leave the European Union, his office said.
The vote for Brexit has pushed the pound to 31-year lows against the dollar and many investors have warned that Britain - until this month the world’s fifth-largest economy - faces years of uncertainty over everything from trade to investment.

In an opinion piece in the Wall Street Journal, Osborne said he wanted to strengthen trade ties with the United States, Canada and Mexico, and had spoken several times in the past two weeks to House of Representatives Speaker Paul Ryan. Adding Britain and the United States were the biggest foreign investors in each other’s country.

Last month’s vote has forced Britain, which has negotiated its trade deals through the EU for decades, to rethink its ties with the rest of the world, but reaching any new deals may prove hard while Britain’s relationship with the EU is in flux.

At a meeting with Osborne last week, five U.S. investment banks promised that they would try to help London keep its top spot as an international financial centre - though one bank at the meeting privately warned that uncertainty about Britain’s future EU trade ties made further investment hard.
Osborne’s visit to New York will be the first of a series of trade missions to key global financial and political centres, including Singapore and China later this month, his office said.

He is also due later this week to meet U.S. Treasury Secretary Jack Lew in London and hold talks with other EU members’ finance ministers in Brussels.
Last week British Business Secretary Sajid Javid began preliminary talks with India about a bilateral trade deal, and Osborne met senior Chinese officials, agreeing to work to foster stronger ties between the two countries.
New Zealand Trade Minister Todd McClay said on Monday he wanted to negotiate a trade deal with Britain but timing would depend on discussions Britain first needed to have with the EU.

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131

Intra-Day Market Moving News and Views
14 Jul 2016 01:19GMT

GBP/USD - ..... Sterling was the biggest mover in hectic Wednesday's trading as market attention turned to BoE's 'super Thur'.

Reuters reported the Bank of England is set to cut interest rates for the first time in more than seven years as it tries to cushion the economy from the shock decision by voters to pull Britain out of the European Union.
Governor Mark Carney sent a clear signal two weeks ago that stimulus was on the way in an attempt to show the economy was in safe hands while the country’s political leadership crumbled after the EU vote.

The central bank is expected to halve its benchmark interest rate to a new record low of 0.25 percent when its makes a monthly policy statement at 1100 GMT on Thursday.
Then, at its following meeting in three weeks’ time, the BoE is likely to revive its massive bond-buying programme, according to a Reuters poll of economists.
Carney has warned that the financial risks of Brexit were materialising after a slump in the value of the pound and the freezing of some commercial property funds by investment funds.

Data released early on Thursday showed interest among buyers in Britain’s housing market tumbled to its lowest level since mid-2008, adding to early signs of the Brexit hit to the economy.

The BoE has held its Bank Rate at 0.5 percent since March 2009, when the global financial crisis was hammering Britain. Before the referendum, it was widely expected to raise rates later this year or in early 2017, following the lead of the U.S. Federal Reserve as the economy picked up.

Now the question economists are asking is whether Britain can avoid falling back into recession.
The BoE has little hard evidence so far of how hard the referendum result has hit the economy.

The quicker-than-expected appointment on Wednesday of Theresa May as Britain’s new prime minister has helped settle nerves in financial markets and reversed some of the pound’s 13 percent slump against the dollar after the referendum.
But surveys and comments from retailers have shown a slide in confidence among consumers who drove Britain’s recovery from the 2007-09 financial crisis. Hard data covering the post-referendum period is not expected until late July.

Nonetheless, the Bank has already lowered a capital requirement for banks in the hope of encouraging more lending.

Carney has expressed opposition to following the lead of the European Central Bank and the Bank of Japan by cutting rates below zero. Many economists say the BoE will instead revive its quantitative easing programme of buying bonds to help the economy as it faces the prospect of years of uncertainty about its trading relationship with the EU and the rest of the world.

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132

[B]Intra-Day Market Moving News and Views
27 Jul 2016[/B] [I]10:10GMT [/I]

GBP/USD - … Breaking news from Reuters, British retailers suffered the sharpest fall in sales in four years following the June 23 vote to leave the European Union, the Confederation of British Industry said today.
Stores have also cut orders with suppliers by the most since the 2008-09 financial crisis because they expect a further fall in demand in August, the CBI said - though it cautioned against drawing too strong conclusions from the figures.

Such “fiscal spending” appeared to have increased to 13 trillion yen. But the rest is likely to come from state subsidies to private firms and lending from quasi-government entities, which does not involve direct government spending and thus may not give an immediate boost to growth, analysts say.
Abe’s administration has also offered few hints on how it will finance the package, casting doubts on Japan’s ability to fix its tattered finances.

Sources have signalled the package will be funded in state budgets spawning several years. The government is considering issuing construction bonds but remains cautious about resorting to large-scale debt issuance.
Japan’s finance ministry denied a media report it was considering issuing 50-year government bonds for the first time to capitalise on ultra-low interest rates.
While Abe may have succeeded in giving stocks a temporary boost, some analysts have doubts the impact will last.

The data represents an early gauge of how the retail sector has fared since the unexpected vote to leave the EU. Surveys of manufacturers and services firms last week suggested the economy is shrinking at the fastest pace since the financial crisis.

The numbers cover the period from June 28 to July 14, when Britain’s Conservative Party was in the process of selecting a permanent successor to former prime minister David Cameron, who said after the vote that he would resign.
The CBI said its retail sales volume index for July fell to -14 from +4 in June, its lowest since January 2012. Expected sales for August were also the lowest since then.

Orders placed with suppliers fell at the sharpest rate since March 2009 and were expected to decline rapidly in August too.
Low inflation and high employment levels might help sales bounce back in the short run, but in the medium term the big fall in sterling would push up prices, the CBI said.

133

[B]
Intra-Day Market Moving News and Views
1 Aug 2016[/B] [I] 01:09GMT[/I]
[B]
GBP/USD[/B] - 1.3228… The pound fell from 1.3241 (AUS) to 1.3201 ahead of Asian open today in late reaction on a piece of downbeat U.K. news.
Reuters reported on Sunday from the Confederation of British Industry(CBI), British businesses are expecting economic growth to grind almost to a halt over the next three months due to weaker investment and consumer confidence after June’s vote to leave the European Union.
CBI said the outlook was the weakest since December 2012 as the proportion of firms expecting lower output was now 3 percentage points higher than the share expecting growth.
This marked a sharp turnaround from June, when there was a 16 percentage point margin in favour of those anticipating growth.

“This data shows a weaker picture for UK economic growth,” CBI Deputy Director-General Josh Hardie had said - though he added that the survey, conducted between June 27 and July 14, likely reflected a post-referendum low for consumer-facing firms.
“In manufacturing, although investment intentions are quieter as uncertainty weighs on corporate spending plans, the weaker pound is helping to boost exports’ competitiveness.”

The CBI’s figures were partly based on its gloomy surveys of manufacturers’ order books and retailers last week, with additional material from other services companies which make up the bulk of Britain’s private-sector economy.
A survey by financial data company Markit earlier this month showed firms reported the biggest fall in activity since the depths of the financial crisis in 2009, while GfK’s consumer confidence index chalked up its sharpest decline since 1990.

Markit is due to provide more detailed figures later this week, and the Bank of England is widely expected to cut interest rates on Thursday for the first time since 2009, when it presents an updated forecast for the British economy.

134

Intra-Day Market Moving News and Views
04 Aug 2016 01:28GMT

GBP/USD - 1.3338… The British pound is expected to capture centre stage in European trading as market keenly awaits BoE’s ‘Super Thursday’ and the outcome of MPC monetary policy decision.
Reuters reported the Bank of England is poised to cut interest rates for the first time since 2009 later on Thursday, as Britain’s economy teeters on the brink of recession after June’s vote to leave the European Union.

Although the BoE wrong-footed financial experts three weeks ago by leaving rates unchanged, the central bank said most of its policymakers were likely to support action in August as post-referendum uncertainty depressed the economy.

Since then growth appears to have slowed sharply, and a closely watched industry survey on Wednesday suggested Britain’s economy was shrinking at the fastest pace since the last time the BoE lowered rates.

Almost all economists now expect the BoE to cut rates by at least a quarter percentage point on Thursday to a record-low 0.25 percent, and many also think it may resume its multi-billion-pound programme of government bond purchases.

The BoE’s chief economist, Andy Haldane, has said he is willing to respond to weak growth by using “a sledgehammer to crack a nut”, but another, Kristin Forbes, said last month she had not seen enough evidence to support a rate cut.

While most business and consumer surveys point to a marked slowdown, it is too early for any cast-iron official data on how output has been affected by June 23’s Brexit vote.
If the BoE does cut its Bank Rate to the lowest level in its 322-year history, it will join the Bank of Japan and the Reserve Bank of Australia, which both undertook unprecedented stimulus in the past week.

Only the U.S. Federal Reserve among the world’s main central banks is considering tighter policy this year.

However, economists, including former top BoE officials, have doubts about how much good either rate cuts or more quantitative easing will do with both official interest rates and government borrowing costs already at or near record lows.

Charles Bean, who stepped down as the BoE’s deputy governor in 2014, said the Bank still had options, such as expanding the array of assets it buys beyond government bonds to include corporate debt or even equities. But that could put public money at risk and be politically difficult.
“If you go into buying equities, as the Bank of Japan has dabbled with … that is taking the Bank into quite political territory. If there was a decision to go that way it should be in conjunction with the Treasury,” Bean said on Tuesday.

Many economists also expect the BoE to revitalise its waning Funding for Lending Scheme or take other measures to tempt banks to lend at record-low rates.

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135

[B]Intra-Day Market Moving News and Views
29 Aug 2016[/B] [I]01:14GMT[/I]

GBP/USD - ....... The Daily Telegraph reported on Saturday that Prime Minister Theresa May will not hold a parliamentary vote on Brexit before formally triggering Britain's withdrawal from the European Union.

She will not offer opponents the chance to stall the withdrawal and has consulted lawyers who say she has the power to invoke the exit without a parliamentary vote. A majority of the 650 lawmakers had declared themselves “Remainers”.

Opponents maintain that since the EU referendum result is not legally binding, elected lawmakers should review the vote before the process is started.
The UK voted to leave the EU on June 23, but May has said she will not invoke Article 50, the formal two-year process for divorce from the bloc, before the end of the year to allow time to prepare the exit strategy.

No one at the prime minister’s office was available to comment.
Senior members of the opposition Labour party have suggested that the issue could be subject to a vote by lawmakers or even a second public vote, and a law firm has initiated a legal challenge.

Two months ago 52 percent of Britons opted to leave the EU, but since then the process and what it could mean has been shrouded in uncertainty because the exit is unprecedented.

Gus O’Donnell, a former head of the civil service - the UK’s professional administrative departments - said he hoped that by the time Britain leaves the EU it could be part of a “more loosely aligned” EU bloc because the process will take "years and years and years."
The economic impact of Brexit is also unclear because, beyond a more than 10 percent fall in the value of sterling against other currencies, the signals are so far mixed.

136

[B]Intra-Day Market Moving News and Views
07 Oct 2016[/B] [I]05:40GMT[/I]

GBP/USD - 1.2450.. Reuters just reported an outlying trade in sterling that created a fresh 31-year low for the currency on Friday has been cancelled, said Thomson Reuters, which owns the Reuters foreign exchange brokerage platform RTSL.

The cancellation resulted in the sterling’s GBP=D3 low of $1.1378, captured on charts in early Asian trading, being revised to $1.1491.

Sterling plunged in early trade on Friday as anxiety over a “hard” exit by Britain from the European Union triggered a wave of selling.

At the new 31-year lows, sterling was still down 9 percent from Thursday’s close at one point and 11 percent since Sept. 29. It later recouped most of the losses seen in Asia but was still down around 1.4 percent by early afternoon.

137

[B]Intra-Day Market Moving News and Views
12 Oct 2016[/B] [I]03:05GMT
[/I]
GBP/USD - 1.2322… Sterling took centre stage in Asia trading and staged a spectacular rally from 1.2107 in early Australian morning to as high as 1.2326. Traders attributed to cable’s stellar performance on early sterling-supportive report on Bloomberg.

BLP reported PM Theresa May has accepted that Parliament should be allowed to vote on her plan for taking Britain out of the European Union, but asked lawmakers to do it in a way that gives her space to negotiate.
The decision seemed to calm investors after they dumped the pound on concern May was taking a gung-ho approach to the negotiations. The currency took a beating after May signaled her intention to put immigration curbs before the City of London’s interests in pulling Britain out of the European Union.

Parliament will debate on Wednesday a motion from the opposition Labour Party calling for a “full and transparent debate on the government’s plan for leaving the EU” and for Parliament to be able to “properly scrutinize that plan” before she begins formal talks. The request is supported by some lawmakers from May’s own Conservative Party.

In response, May late on Tuesday tabled an amendment that effectively accepted the motion, adding that there shouldn’t be an attempt to block Brexit or “undermine the negotiating position of the government.”

A look at the debate about the role of Parliament in Brexit and why it matters.

The pound is the world’s worst-performing major currency against the greenback this month, sinking more than 5 percent. The currency clawed back some ground in early Asian trading on Wednesday, gaining 1.3 percent.
Against this backdrop, a London Court this week will rule whether May can trigger Article 50 of the Lisbon Treaty, which starts an exit, without approval from her fellow lawmakers.

138

[B]Intra-Day Market Moving News and Views
17 Oct 2016[/B] [I]01:13GMT
[/I]
GBP/USD - … A piece of Brexit news which came on yesterday worth noting. Reuters reported British lawmakers from across the political spectrum will press their bid to force Prime Minister Theresa May to give parliament a vote on her negotiating strategy for leaving the European Union, saying she had no mandate for a “hard Brexit”.

As Britain embarks on some of its most complex diplomatic negotiations since World War Two, Nick Clegg, former deputy prime minister, said May’s plan to invoke Article 50 of the EU’s Lisbon Treaty by the end of March - triggering the formal Brexit procedure - would hand power to the other 27 EU members.
Lawmakers from the ruling Conservative Party, opposition Labour Party and Clegg’s Liberal Democrats said they accepted Britain had voted to leave, but have called for a debate and vote in parliament to try to influence the terms of the divorce.
Clegg said he backed a “soft Brexit” in which Britain stays in or close to the EU’s lucrative single market, and urged May to try to “square the circle” over whether Britain will have to sacrifice full participation in the single market to restore control over immigration.
May has said she will deliver Britain’s vote in the referendum to reduce the numbers of EU migrants arriving in the country and restore British sovereignty, but she has also been careful to say she wants the “best deal” for business.

Uncertainty over what kind of deal Britain will pursue has unsettled investors and markets.
The British currency is particularly sensitive to any suggestion that the country might be heading towards a “hard Brexit”, or a clean break from the EU’s single market of 500 million consumers.

Priti Patel, the minister for international development who campaigned to leave the EU, said parliament already had the opportunity to debate and discuss Britain’s divorce from the EU.

139

[B]Intra-Day Market Moving News and Views
28 Oct 2016[/B] [I]00:03GMT[/I]

GBP/USD - ...... Reuters reported earlier British consumers turned less optimistic this month as sterling's slump began to eat into their disposable income, according to two surveys on Friday which will raise concerns about the strength of future spending growth.

Britain’s economy has performed better than most forecasts since June’s referendum decision to leave the European Union, in large part thanks to strong consumer spending.
But finance minister Philip Hammond said it did not mean the economy would dodge a slowdown next year.

Market research firm GfK said sentiment fell for the first time since the immediate shock of the Brexit vote. Its consumer confidence index dropped to -3 in October from -1 in September.
A similar survey by polling firm YouGov showed the weakest confidence since July and the view of households of their finances showed the biggest deterioration since December 2014.

Sterling has lost almost 20 percent of its value against the U.S. dollar since the referendum. British inflation rose to 1 percent in the year to September and could hit 3 percent by the end of next year, many economists say.

Separate figures from supermarket chain Asda showed that households’ disposable income - after tax, housing, food and other bills - rose by the smallest amount in almost two years.
Prices for essentials rose by the largest amount since November 2014, and the cost of imports was likely to increase further due to the weak pound, Asda said.

But a robust job market and relatively low inflation should help spending in the immediate future and GfK noted households were more willing to make major purchases than a year ago.
The GfK survey of 2,001 people was conducted between Oct. 1 and Oct. 15, on behalf of the European Commission. YouGov’s polling was done in the first three weeks of October.

140

[B]Intra-Day Market Moving News and Views
03 Nov 2016[/B] [I]01:12GMT[/I]

GBP/USD - ...... Cable rallied initially in London trading on upbeat U.K. construction PMI which climbed unexpectedly for the 1st times since May. Sterling is expected to capture centre stage today as it is 'Super Thursday' where BoE will release its rate decision.

Reuters reported today British housebuilders have not scaled back construction plans in the three months since the country voted to leave the European Union, data showed on Thursday, despite central bank forecasts for a sharp slowdown in housing investment.
Registrations of new homes - a preliminary step before building begins - came to 35,953 in the third quarter, unchanged from the same period last year, the National House Building Council said.

The NHBC’s figures add to signs from other sectors of the economy that the shock of the June 23 vote to leave the EU has only had a temporary effect on business activity.
The Bank of England said in August that growth in housing investment this year would drop to 1.25 percent from the 4 percent it had forecast before the referendum.
NHBC said 5 percent more houses were built by its members in the three months to September than a year earlier, and a separate survey of purchasing managers in the construction industry on Wednesday showed the fastest growth in seven months.

The third-quarter new home registrations did mark a fall from the second quarter, when 40,734 building plans were registered. But the NHBC figures are not seasonally adjusted, and the third-quarter data often shows a summer lull.
Nonetheless, there are some darker signals. The construction industry data on Wednesday showed slowing order books and soaring costs, while Britain’s second-biggest house builder Persimmon PSN.L said it would slow the pace of new land purchases due to Brexit worries.

There were also very sharp regional variations, with housing starts in London - where the financial sector is seen as vulnerable to Brexit - down 45 percent on the year.