020 7898 0500The pound was lower against the US dollar throughout the day. Whilst some of this movement was on the back of Brexit, it was more a continuation of yesterday’s trend. US consumer confidence hit a 16-year high despite the upward path of interest rates. In addition, Vice Federal Reserve (Fed) Chair Fischer reiterated the Fed’s view that two more rate hikes this year are highly likely.
Yesterday’s economic data was secondary in light of the historic events. Figures released by the Bank of England showed that mortgage approvals fell for the first time in six months, whilst consumer credit rose. This combination could indicate that the public’s concerns over the economic outlook have been weighing on people’s willingness to go ahead with house purchases.
There’s not much happening on the data front today but we’ll see plenty of commentary and analysis surrounding Brexit.
