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- Thursday, 29 November 2007 21:53:09 GMT Bank of England Offers Emergency Funds
- Wednesday, 28 November 2007 20:57:33 GMT British Pound Rallies on BoE Comments
- Tuesday, 27 November 2007 21:30:03 GMT British Pound: Waiting for More Direction
- Monday, 26 November 2007 21:44:12 GMT British Pound: Licking Its Wounds
- Friday, 23 November 2007 19:01:26 GMT British Pound: Up to 75bp of Easing Next Year
- Wednesday, 21 November 2007 20:54:43 GMT British Pound Falls to 4 Year Low Against Euro
- Tuesday, 20 November 2007 21:20:57 GMT British Pound Rallying Ahead of Bank of England Minutes
- Monday, 19 November 2007 22:20:24 GMT British Pound: Still Weak But Losses are Becoming Limited
- Friday, 16 November 2007 22:38:31 GMT British Pound Closes Its Worst Week Since The August Credit Crunch
- Thursday, 15 November 2007 18:24:28 GMT British Pound Extends Losses Following Retail Sales Numbers
- Wednesday, 14 November 2007 21:18:27 GMT British Pound: Possible Rate Cut in 2008
- Tuesday, 13 November 2007 21:35:23 GMT UK Consumer Prices are Hot
- Monday, 12 November 2007 21:51:42 GMT British Pound: Down 400 Pips
- Friday, 09 November 2007 21:32:01 GMT British Pound Hit By Sharp Rise in Trade Deficit
- Thursday, 08 November 2007 21:03:57 GMT British Pound: The Strongest of the Bunch?
- Wednesday, 07 November 2007 20:44:49 GMT British Pound Takes Out 2.10
- Tuesday, 06 November 2007 21:18:23 GMT British Pound Advances Towards 2.10
- Monday, 05 November 2007 22:16:08 GMT British Pound Finally Succumbs to Weaker Economic Data
- Friday, 02 November 2007 21:16:18 GMT British Pound Hits Highest Level Since 1991
- Thursday, 01 November 2007 20:40:35 GMT British Pound Hit By Dollar Weakness Not Softer Economic Data
Cable continued to ascend following yesterday’s mildly hawkish comments from the Bank of England’s Sentence and Besley, the new MPC members. Like BOE Governor Mervyn King, they were concerned about whether any drop in inflation would last. This suggests that they leaning closer to raising rates again, especially if fundamental data begins to turn up. In economic news, the FT house price survey for September showed further acceleration for the UK, with the annual rate hitting 6.1% from 5.8% in August. After having leveled off in the summer, house prices jumped 0.5% in the month of September. It appears that the BOE’s August hike has had little impact on demand, and the central bank could be forced to pursue further policy tightening should other factors, including CPI, consumer spending, and wages follow suit. As of 9:19GMT, GBP/USD trades at 1.8613, up from Thursday’s New York close of 1.8589.
London shares dipped on Friday as investors took profits in financial stocks following a late rally in the sector on Thursday on the back of fresh bid rumors. The FTSE 100 was down 3 points or 0.1% at 6,118.6. Oil prices rebounded from 2006 lows following a surprise drop in US winter fuel stocks. Nymex was up 22 cents at $58.08. BP shares gained 0.8% to 585½p while BG Group was up 0.7% at 679p. The mid-cap FTSE 250 gained 5 points, 0.1%, to trade at 10,352.3. Sportingbet shares jumped 10.8% to 72¼p after the online gaming company confirmed it had disposed of its US unit for $1. The move follows approval by Congress of a bill banning internet gambling in the US which has hit London-listed gambling companies hard in recent weeks. President George Bush is expected the sign off on the bill later on Friday. Carphone Warehouse lost a further 6% to 290½p, still sore from the announcement on Thursday that Vodafone had chosen rival chain Phones4U as its exclusive retailer for contract customers in the UK. Vodafone shares were up 0.8% at 131p.
UK fixed income markets were little changed this morning, with prices on 10-year gilts down to 95.170 and yields steady at 4.613%.
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