It’s been an indecisive start to the week for sterling, with very marginal gains on the euro but losses against USD.
The Bank of England stepped in to calm the markets yesterday, and the chancellor has brought forward the official forecasts of the effect on the mini-Budget to 31 October. It’s been revealed that £100million was withdrawn from British property funds in the wake of the mini-Budget.
The Australian dollar, having a torrid day on the back of slowing demand for Australian exports to China, lost almost 1% against sterling.
There were no data releases of note yesterday, but so far today we have had falling unemployment, although a mixed picture overall, and wages which have grown at 5.4%, in line with expectations, in the year to September.
Retail sales grew by 1.8% in the year to September according to the British Retail Consortium (BRC).
GBP/EUR past month
