AceTraderFx Oct 11: Intra-Day Market Moving News and Views GBP/USD
Intra-Day Market Moving News and Views
11 Oct 2016 01:01GMT
GBP/USD - 1.2343.. Cable fell ahead of Asian open on sterling-bearish news. Reuters reported Britain could lose up to 66 billion pounds a year under a "hard Brexit", The Times reported citing leaked government papers.
GDP could fall by as much 9.5 percent if Britain leaves the European Union compared with if it stays within the union, The Times reported.
The 66-billion-pound figure was in a draft cabinet committee paper which was seen by The Times.
A report by consultancy firm Oliver Wyman earlier this week said Britain's financial industry could lose up to 38 billion pounds in revenue in a 'hard Brexit'.
A quarterly survey of 7,000 businesses by the British Chambers of Commerce (BCC) on Monday showed that Business investment and turnover confidence in the UK had hit four-year lows.
Another survey by Deloitte reported that chief financial officers in major British firms reported only a partial rebound in business morale after a post-Brexit vote nosedive.
Retailers were starting to mitigate the impact of higher import costs due to the fall in the value of the pound, she said in a statement, adding to signs that prices are likely to rise following the EU referendum in June and eat into spending power.
The BRC added its voice to a chorus of business groups who are calling on Prime Minister Theresa May to minimise the impact of Brexit on the economy.
On a like-for-like basis, stripping out changes in the amount of retail space open to shoppers over the past 12 months, sales rose by an annual 0.4 percent in September after falling by 0.9 percent in August.
Over the three months to September, total sales were up 1.0 percent, higher than in most of 2016 but slower than in 2015.
Separately on Tuesday, credit card firm Barclaycard sounded more upbeat, saying consumer spending grew by 3.6 percent in the July-September period, speeding up from 2.8 percent and 3.1 percent in the first and second quarters of 2016.
Barclaycard also said its measure of consumer confidence in the British economy hit its highest level since it began tracking it in 2014, with 48 percent of people saying they feel upbeat, up from 34 percent in the second quarter.
That confidence contrasts with the mood among many employers. Surveys published on Monday showed weak investment intentions as the prospect of Brexit weighs on firms.
Intra-Day Market Moving News and Views
11 Oct 2016 01:01GMT
GBP/USD - 1.2343.. Cable fell ahead of Asian open on sterling-bearish news. Reuters reported Britain could lose up to 66 billion pounds a year under a "hard Brexit", The Times reported citing leaked government papers.
GDP could fall by as much 9.5 percent if Britain leaves the European Union compared with if it stays within the union, The Times reported.
The 66-billion-pound figure was in a draft cabinet committee paper which was seen by The Times.
A report by consultancy firm Oliver Wyman earlier this week said Britain's financial industry could lose up to 38 billion pounds in revenue in a 'hard Brexit'.
A quarterly survey of 7,000 businesses by the British Chambers of Commerce (BCC) on Monday showed that Business investment and turnover confidence in the UK had hit four-year lows.
Another survey by Deloitte reported that chief financial officers in major British firms reported only a partial rebound in business morale after a post-Brexit vote nosedive.
Retailers were starting to mitigate the impact of higher import costs due to the fall in the value of the pound, she said in a statement, adding to signs that prices are likely to rise following the EU referendum in June and eat into spending power.
The BRC added its voice to a chorus of business groups who are calling on Prime Minister Theresa May to minimise the impact of Brexit on the economy.
On a like-for-like basis, stripping out changes in the amount of retail space open to shoppers over the past 12 months, sales rose by an annual 0.4 percent in September after falling by 0.9 percent in August.
Over the three months to September, total sales were up 1.0 percent, higher than in most of 2016 but slower than in 2015.
Separately on Tuesday, credit card firm Barclaycard sounded more upbeat, saying consumer spending grew by 3.6 percent in the July-September period, speeding up from 2.8 percent and 3.1 percent in the first and second quarters of 2016.
Barclaycard also said its measure of consumer confidence in the British economy hit its highest level since it began tracking it in 2014, with 48 percent of people saying they feel upbeat, up from 34 percent in the second quarter.
That confidence contrasts with the mood among many employers. Surveys published on Monday showed weak investment intentions as the prospect of Brexit weighs on firms.