In its last meeting, the Bank of England voted by a majority of 6-3 to raise interest rates by 50 basis points to 3.5%, which pushed borrowing costs to their highest level since late-2008.
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Sterling weakened against a handful of currencies yesterday including the euro and australian dollar. GBP/AUD was pushed lower by the UK’s latest PMI data which revealed signs of poor performance in the UK’s manufacturing sector.
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On Tuesday market watchers digested several economic data releases including the US employment cost index and Chicago PMI. Today, all eyes will be on the latest manufacturing employment subindex from the ISM.
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This morning, Spain's index rose to 48.4 pointing to a seventh successive monthly contraction in the country's manufacturing sector. It also indicates the softest since decline last September.
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Following yesterday’s mortgage lending and approvals, markets have just seen the latest Nationwide housing prices year-on-year and month-on-month.
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Sterling weakened against both the euro and US dollar yesterday following a bleak economic outlook from the International Monetary Fund (IMF) and warnings of recession.
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There is an alphabet soup of data this week, with GDP and PMI, dire warnings from the IMF and interest rate decisions from the BoE, ECB and FOMC. To make sense of it all, why not download our…
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Tomorrow the big data release to watch will be the latest United States job openings. In the previous data, the number of job openings in America decreased slightly by 54,000 to 10.5m.
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