Market Brief: House price growth slowed to 2.1% from 2.9% in July amid fears that post Brexit inflation is causing a squeeze on household spending.
30 Aug 2017
Latest rates | Today's data release | ||||||
---|---|---|---|---|---|---|---|
GBP/USD | GBP/EUR | GBP/AUD | GBP/AUD | GBP/CHF | 09:30 | UK net consumer credit | |
1.2910 | 1.0790 | 1.6205 | 1.6170 | 1.2230 | 13:15 | US ADP report | |
GBP/JPY | GBP/HKD | GBP/ZAR | EUR/USD | EUR/GBP | 13:30 | US GDP | |
142.10 | 10.1040 | 16.8000 | 1.1960 | 0.9265 | |||
Investec currency forecasts as at 27 July 2017 | Key levels | ||||||
Q3 '17 | Q4 '17 | Q1 '18 | Q2 '18 | Support | Resistance | ||
GBP/USD |
1.29 | 1.30 | 1.30 | 1.31 | 1.2770 | 1.2985 | |
GBP/EUR | 1.13 | 1.14 | 1.13 | 1.13 | 1.0740 | 1.0880 |
Market overview
On what was a pretty quiet day on the data front yesterday a report by the Nationwide painted a damp picture on the state of the housing market in the UK. House price growth slowed to 2.1% from 2.9% in July amid fears that post Brexit inflation is causing a squeeze on household spending. The Nationwide spokesman stated ‘wages have been failing to keep up with the cost of living in recent months and consumer sentiment has weakened’. Despite the recent slowdown the Nationwide still expects prices to rise by about 2% overall in 2017 due to constrained housing supply.
The U.K. has asked for more Brexit negotiating sessions with its European counterparts, according to a person familiar with the discussions, as the latest round of talks showed little sign of progress amid public criticism from each side. The U.K. wants to step up the pace of talks, according to the person, who declined to be named because the discussions aren’t public. Negotiations on Tuesday focused on the divorce bill, one of the thorniest issues as the U.K. has refused to say how it thinks the settlement should be calculated -- let alone how much it might pay. European Commission President Jean-Claude Juncker joined the bloc’s chief negotiator in lashing out at the U.K. for failing to prepare for Brexit talks, as the third round of negotiations looked set to produce little progress. “I’ve read all the position papers produced by Her Majesty’s government and none of them is satisfactory,” Juncker said on Tuesday at a conference in Brussels, as talks between the U.K. and the EU resumed. “There is still an enormous amount of issues that remain to be settled.”
The U.K. has asked for more Brexit negotiating sessions with its European counterparts, according to a person familiar with the discussions, as the latest round of talks showed little sign of progress amid public criticism from each side. The U.K. wants to step up the pace of talks, according to the person, who declined to be named because the discussions aren’t public. Negotiations on Tuesday focused on the divorce bill, one of the thorniest issues as the U.K. has refused to say how it thinks the settlement should be calculated -- let alone how much it might pay. European Commission President Jean-Claude Juncker joined the bloc’s chief negotiator in lashing out at the U.K. for failing to prepare for Brexit talks, as the third round of negotiations looked set to produce little progress. “I’ve read all the position papers produced by Her Majesty’s government and none of them is satisfactory,” Juncker said on Tuesday at a conference in Brussels, as talks between the U.K. and the EU resumed. “There is still an enormous amount of issues that remain to be settled.”