Money Pound spikes against dollar as positive economic data counters Brexit impasse

13:21  11 october  2017
13:21  11 october  2017 Source:   International Business Times

The pound's Brexit slump cost George Osborne's family business £855,000

  The pound's Brexit slump cost George Osborne's family business £855,000 Former Chancellor George Osborne's family business took a £855,000 hit from the collapse in value of the pound against the dollar and euro after last year's Brexit vote. Osborne & Little, which sells wallpaper and furnishings, incurred currency hedging losses of £855,000 in the year to March, "following the collapse of sterling after the Brexit Referendum," accounts filed with Companies House show.

Positive UK macroeconomic data countered the effects of the ongoing Brexit talks impasse between London and Brussels to send the pound higher versus the dollar on Tuesday (10 October).

Pound spikes against dollar as positive economic data counters Brexit impasse . Britain's tourist boom continues as almost 40 million overseas visitors arrive in the UK. Pound 's slump in the wake of the Brexit referendum has made Britain a

British pound sterling street © Reuters British pound sterling street

Positive UK macroeconomic data countered the effects of the ongoing Brexit talks impasse between London and Brussels to send the pound higher versus the dollar on Tuesday (10 October).

At 3:37pm BST, the British currency was up 0.40% versus the dollar changing hands at $1.3194, thereby recovering some of the ground it lost in the wake of Prime Minister Theresa May's political woes and the increasingly entrenched positions of her Government and the European Union on the subject of the UK's divorce bill upon leaving the EU.

A raft of strong economic data aided the pound intraday. Earlier in the session, figures from the Office for National Statistics showed industrial production was 0.2% higher in August from the previous month, while construction rose 0.6% during the same period.

Sterling bounces back after May hints at reshuffle

  Sterling bounces back after May hints at reshuffle Britain's pound rose almost 1 percent on Monday, rebounding from its biggest weekly drop in a year, after British Prime Minister Theresa May said she would resist challenges to her leadership. May hinted at the weekend that she may be considering a cabinet reshuffle to reassert her authority, raising questions over the fate of foreign minister and Brexit campaigner Boris Johnson, who has been accused of undermining her.Sterling rose 0.9 percent to $1.3180 -- recovering from the 2.5 percent it lost last week -- and was the biggest gainer among major currencies against a broadly muted dollar.It also rose 0.8 percent to 89.

Pound spikes against dollar as positive economic data counters Brexit impasse . Britain's tourist boom continues as almost 40 million overseas visitors arrive in the UK. Pound 's slump in the wake of the Brexit referendum has made Britain a

Pound spikes against dollar as positive economic data counters Brexit impasse . Man in a shark costume fined for breaking Austria's anti -burqa laws. Mascot promoting McShark electronics store in Vienna fined for not removing shark head.

Meanwhile, the British Retail Consortium noted that same-store retail sales were up 1.9% in September on the same month last year.

Fawad Razaqzada, technical analyst at Forex.com, said the pound's stormy comes after a sharp drop at the end of last week. "At this stage, one has to take this latest rebound with a pinch of salt, as it could be a counter trend move which could ultimately fail to sustain itself. However, the positive data has again boosted expectations for a rate increase from the Bank of England."

"There are no more UK economic data scheduled for release this week, so any further data-driven moves in the cable may be prompted by US data, with CPI and retail sales on Friday being the most obvious trigger. Only a potential break back above $1.3250 would be deemed bullish at this stage."

UK trade deficit hits record high in August

  UK trade deficit hits record high in August The UK's goods trade deficit with the rest of the world hit an all-time high of £14.2bn in August, according to official figures. The Office for National Statistics (ONS) said the gap widened from a revised figure of £12.8bn in the previous month.Economists had predicted the figure to fall back.It is a worrying statistic given evidence - in closely-watched surveys of the manufacturing sector - that export orders and output are flourishing because the fall in the value of the pound since the Brexit vote has made British-made goods more attractive to overseas buyers.

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Meanwhile, market sentiment in wake of positive data also enabled the pound to cut its losses against euro; down 0.13% to €1.1176, with the eurozone currency battling its own negativity over the political situation in Spain, with many fearing Catalonia might be about to declare independence to from Madrid, much to the chagrin of the Spanish government.

The pound was also broadly flat against the Swiss franc and Canadian dollar changing hands at CHF1.2861 and CAD$1.6492 respectively.

Mihir Kapadia, founder of Sun Global Investments, said cautious intraday optimism was merited. "The pound has endured a rough few weeks, especially in response to the political chaos in the country. But with reports emerging of a cabinet reshuffle, Prime Minister May could use this opportunity to exert her leadership. We expect the currency to react positively to this."

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