020 7898 0500Following the ongoing political uncertainty in the US, the GBP/USD pairing continued to push higher. This was a trend that continued following Monday evening’s sacking of White House communications director Anthony Scaramucci after only ten days in the job. From the perspective of the US dollar, it creates yet more uncertainty surrounding Donald Trump’s administration and whether he will be able to actually pass legislation that ‘puts America first’.
Meanwhile, yesterday was one of positive economic data for the UK. Across the country, the latest house price index shows that prices were up 0.3% month-on-month in July, which is the second consecutive month. This is a positive, as the sector is showing modest signs of growth following months of decline between March and May.
In addition, manufacturing was boosted by export orders which rose last month at their fastest pace since April 2010. The purchasing managers’ index (PMI) posted a figure of 55.1, beating the expectation of 54.4. Any figure above 50 indicates expansion.
Today we have the PMI for the construction sector ahead of a very busy Thursday which includes the PMI for the key UK services sector and the big release of the week: the BoE’s ‘Super Thursday’.
