UK Construction PMI Released
The UK Construction PMI number came out at 27.8 from the previous 34.5. A slight drop to 34.2 was forecast.
The GBP softened up slightly following this lower than expected data.
UK’s Chancellor Darling on the Wires
February 26, 2009 by Danish FX · Leave a Comment
UK Chancellor Darling: Previously announced banking scheme aims to rebuild confidence in system
- Says UK banks must clean up their balance sheets
- Ultimate target is to return RBS or any bank with govt holding back to private sector
- Taxpayers’ economic interest in RBS will rise to a little above 80%
- Hopes govt will obtain significant returns from plan; says risk may be longer and deeper without plan
EUROZONE Officials Raise Concern over GBP Weakness
February 25, 2009 by Danish FX · Leave a Comment
- The document noted that the “very rapid” drop “raised questions about the financial stability of the British economy
“very rapid” drop “raises questions about the financial stability of the British economy,” said the document, which was prepared ahead of the Feb. 14 Group of Seven meeting in Rome and obtained by The currency’s weakness “is a source of concern for the euro area.”
UK Revised GDP Released
February 25, 2009 by Danish FX · Leave a Comment
UK’s Revised GDP came out at -1.5% from the previous -1.5%. A slight drop to -1.6% was forecast.
The GBP firmed up initiallyas this GDP data did just beat expectations. However, the currency was unable to hold those intial gains and dropped across the board as the data was digested by traders.
Y/Y: -1.9% V -1.9%E
- Imports: -5.9 % v -3.7%e
- Private Consumption: -0.7% v -0.6%e
- Government Spending : 1.5% v 0.6%e
- Gross Fixed Capital Formation : -2.3% v -4.4%e
UK CBI Realized Sales Released
February 24, 2009 by Danish FX · Leave a Comment
The Confederation of British Industry Realized Sales number came out at -25 from the previous -47. A drop to -52 was forecast.
The GBP firmed up behind this better than expected number. The GBP is at session highs vs. the JPY and creeping towards highs vs. the USD.
UK Data Released
February 24, 2009 by Danish FX · Leave a Comment
UK’s BBA Mortgage Approvals moved to 23.4K from the previous 22.1K. A drop to 20.2K was forecast.
The UK Preliminary Business Investment number came out at -3.9% from the previous -1.3%. A drop to -4.2% was forecast.
The GBP softened up slightly following these two pieces of data out of the UK.
UK Retail Sales Beats Expectations
February 20, 2009 by Danish FX · Leave a Comment
The UK Retail Sales came out at 0.7% from the previous 1.6%. A drop to 0.0% was forecast.
The GBP firmed up across the board following this data.
* 3-mth/3-mth retail sales growth highest since May 2008
* 3-mth vs yr ago retail sales growth highest since July 2008
*** Monthly fall in non-specialized store sales biggest since Dec. 2007
**** Monthly rise in textiles, clothing footwear sales highest since May 2008
***** Monthly rise in other stores sales highest since Jan. 1988
****** Monthly fall in non-store/repair sales biggest since Dec. 2007
- The ONS said there was evidence of widespread discounting in categories like clothing and footwear, which posted strong sales growth.
- It said it was more confident in its seasonally adjusted data now that it had January figures and did not expect significant revisions.
REUTERS
UK Data Released
February 19, 2009 by Danish FX · Leave a Comment
The UK Public Sector Net Borrowing dropped to -3.3B from the previous 14.9B. A drop to -6.9B was forecast.
The UK Prelim M4 Money Supply rose to 2.5% from the previously revised 1.4%. A drop to 1.2% was forecast.
The GBP which has been firming up thus far during Europe trading has softened slightly following this data.
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