The pound received a gentle boost against other major currencies yesterday following the Windsor Framework agreement made by prime minister Rishi Sunak on Monday.
The prime minister has faced backlash from the SNP in light of this deal. Alyn Smith MP, said “Rishi Sunak is moonlighting as a remainer as he perfectly outlines how Scotland will be at a competitive disadvantage under Westminster control and outside the European Union.”
The pound gained almost 0.5% and 0.8% increase yesterday against the euro and US dollar. However, those gains have been lost this morning. This may have been influenced by the UK house price index readings which this morning revealed housing prices fell by 1.1% year-on-year in February, the first annual decline since June 2020.
Yesterday we heard Europe’s Etias ‘e-visa’ has been postponed until 2024 after pushback from EU countries. The Etias will cost £6 (€7) and will be valid for up to three years.
It was a quiet day for UK data yesterday, but economists heard from Bank of England official Huw Pill on digital technology in the finance sector.
Bernard Looney, chief executive of BP, the energy provider, warned yesterday of cutting fossil fuel supplies too quickly as they could influence a fresh surge in energy prices. He said supply and demand needed to fall at the same rate to lessen the risk of “economic volatility.”
Yesterday markets heard the Canadian GDP stalled in the first quarter 1 of 2023, ending the five-month trend of a growing economy. The Canadian dollar edged lower against major competitors following this news.
On the flipside, India’s economy grew 4.4% year-on-year in the three months leading up to December 2022.
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