Tuesday, 16 October, 2018

Bank of England set to hold rates amid Brexit uncertainty

Bank of England Governor Mark Carney speaks during a media conference to present the central bank's quarterly Inflation Report in London. Carney has agreed to extend his period as governor by six Pound Higher ahead of BoE
Russell Knight | 17 September, 2018, 11:58

The Bank of England declined to comment.

The BoE's regional staff reported businesses were tightening cost control and holding off on investment ahead of Britain's March 2019 withdrawal from the EU.

Britain's central bank stress-tested lenders against a 33 per cent house price fall previous year and some economists questioned whether Carney's comments to ministers had been reported accurately.

In minutes of the latest rates meeting, the Bank revealed its internal estimates show economic growth is set to pick up pace to around 0.5% in the third quarter, from 0.4% between April and June.

The Bank of England and Britain's largest banks are well prepared for a disorderly Brexit, the central bank's governor Mark Carney said on Friday, amid reports he had warned it could trigger a house price crash. There is, so far, no full exit agreement between Brussels and London and some rebels in Prime Minister Theresa May's Conservative Party have threatened to vote down a deal if she clinches one. This could considerably squeeze the British households' incomes in future.

Oil regains some poise, but demand concerns drag
President Trump said on Twitter on Thursday that the United States holds the upper hand in talks. The global benchmark the day before rose to its highest since May 22 at $80.13 a barrel.

Five dead in Carolinas as Florence brings ´epic´ floods
Annazette Riley-Cromartie said she and her family thought they'd be safe in their brick house in eastern North Carolina. A hotter atmosphere can also hold more water, so this should allow hurricanes to dump more water on affected areas.

Hurricane Florence death toll: How many people have been killed?
These victims of the hurricane were staying at a hotel that took severe storm damage from Florence. Hurricane Florence officially made landfall this morning at 7:15 am ET in Wrightsville Beach, NC.

Such an outcome is likely to be Euro supportive as it opens the door for the European Central Bank to begin raising rates next week, although ultimately with the move being widely expected for some time the overall impact on EUR exchange rates may prove to be negligible.

The MPC also noted rising levels of volatility in sterling, adding that there had been an "increase in perceived downside risks to the exchange rate" among City traders caused by the mounting likelihood of no deal.

The US Dollar continues to be weighed down by Thursday's weaker than expected US consumer inflation figures, which coupled with Brexit optimism helped the pair to continue gaining positive traction for the fifth consecutive session.

Recent data support prediction for faster pay growth.

The lower projections are expected to be in light of some patchy Eurozone economic data over the summer on top of increased global uncertainty steaming from United States trade policy and Turkey's economic woes.

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