020 7898 0500It was another day of mixed fortunes for sterling as it made some gains against the euro but weakened against the US dollar. The UK economy got a boost as the government recorded a budget surplus last month for the first time since 2002.
Staying with the positive data, the Confederation of British Industry (CBI) reported that monthly industrial orders rose to +13 this month from +10 in July. This beat expectations and it is clear that exporters are feeling the benefits of a lower pound. Meanwhile, the GBP/USD pairing weakened to a fresh two-month low; this was pulled down by the shift in the EUR/USD pairing.
Looking to the day ahead, it is fairly quiet as much of the attention now lands on the Economic Symposium, held in Jackson Hole. This event is attended by central bankers, finance ministers, academics, and financial market participants. It is often the case that the information revealed gives indications as to how various centrals banks view the markets and future monetary policies.
