020 7898 0500It was another quiet day in the UK for economic data, with the CBI distributive trades survey the only release on the schedule. The survey showed strength in the high street, with a positive balance of 29 in August against an expectation of 13. It had been expected to dip from 20 the previous month, but actually climbed higher. However, the expected employment index fell to -35 in August, which is the lowest level since the fourth quarter of 2009.
Elsewhere, Brexit secretary Dominic Raab delivered a speech in which he said the UK might want as much continuity as possible in the event of a no-deal Brexit. It is currently unclear how withdrawing from hundreds upon hundreds of international treaties can have very little effect on UK operations, but Raab’s optimism is to be commended. He did say that he believed the UK will be better off outside the EU in the long term, but there could well be challenges in the short term. The pound soon started weakening against the dollar and fell back below the $1.29 level it breached on Tuesday.
Today we have the UK finance mortgage approvals which are expected to climb a little in July from the previous month.
