Mish's Global Economic Trend Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: zonder who wrote (16177)	11/18/2004 9:10:11 AM
From: mishedlo	Read Replies (2) of 116555

Sterling weighed down by weak economic data - Thursday, November 18, 2004 11:03:42 AM afxpress.com (Updating to add analyst comment) LONDON (AFX) - The pound found itself under selling pressure after a raft of weaker-than-expected UK economic data weighed on sentiment Markets believe UK interest rates have hit a peak of 4.75 pct in this cycle and may have to come down late next year if the economy is to survive intact The euro emerged as the biggest beneficiary from the pound's troubles, touching its highest level against the UK currency since early January At 10.05 am, the euro was at 0.7028 stg, off a high of 0.7034 set at 9.35am just after the data were released "The numbers have clearly been a drag on the pound but the currency had been struggling all morning," said Gary Noone at Informa Global Markets The office of National Statistics said retail sales during Oct fell by 0.4 pct, double expectations of a 0.2 pct drop. In September, retail sales had increased by 1.1 pct The figures hint that consumer appetite has been dampened by higher borrowing costs and are likely to cement expectations that the Bank of England may not raise interest rates again in this cycle from the current base rate of 4.75 pct The drop comes after two months of strong retail sales and may only signal a lull before the pick up for Christmas. But the main worry is whether consumer spending is about to decline further, said Noone At the same time, the trio of mortgage lending data from the British Bankers Association, Council of Mortgage Lenders and Building Societies Association all bore out what the market had already been expecting - that the housing market is slowing down rapidly

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next