Last week was generally pretty supportive for Sterling exchange rates from a data perspective- however on Friday this all changed very quickly as retail sales numbers came out as low as they were last in the pandemic. These spending numbers have pretty much confirmed that the BoE are finished with their hiking cycle, as clearly the cost of living crisis is still a big issue amongst the UK public- this alongside worse than usual weather has contributed towards less appetite for spending.
In the rapidly expanding world of cryptocurrencies, a new breed of online influencers has emerged, captivating the attention of millions worldwide. These crypto enthusiasts have garnered immense popularity due to their expertise and insights into the ever-evolving digital currency landscape.
Yesterday morning saw UK Inflation drop comfortably below 5% for the first time in 2 years. The lower energy price cap imposed on households at the start of October was a main contributor towards this figure. Food Bill prices also eased last month, dropping to their lowest levels since June last year at 10.1%.
British data earlier in the day showed UK workers' wages grew slightly less quickly in the three months to September but remained close to their record pace.
The figures will likely do little to ease the Bank of England's concerns about inflationary pressures and did nothing to change market-based forecasts for a UK rate cut in June 2024 at the earliest.
British data earlier in the day showed UK workers' wages grew slightly less quickly in the three months to September but remained close to their record pace.
In an unprecedented move, Banco de Portugal has granted operating licenses to the local cryptocurrency trading platforms, “Mind the Coin” and “Criptoloja”. For the first time, these entities are endorsed as legitimate virtual assets service providers under the Portugal crypto license initiative.
The pound edged up against the euro after Bank of England (BoE) policymakers, including Chief Economist Huw Pill, reiterated policy will need to remain restrictive for some time.
Earlier this week, Pill had said market pricing pointing towards a first interest rate cut in August 2024 "doesn't seem totally unreasonable".
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