020 7898 0500Sterling continued its recovery phase, extending its gains from last week following positive economic data releases. The data could be deciphered to suggest that the EU referendum outcome might not have negatively impacted the UK economy in the way that was previously feared, but it is still too soon to tell.
Sterling posted the highest level against the US dollar since early August, as a result of positive sentiment and US dollar weakness. Once again, data from the UK beat expectations. The CBI industrial trends survey (reviews total orders) posted a better-than-expected number, although it was still in the negative territory, it indicates that conditions are not as bad as feared. The survey had little impact on sterling due to the due to the weighting of the sector in the UK economic output numbers.
The UK housing market comes into focus today as the industry predicts a decline in house prices in 2017 following the EU Referendum vote. Today UK mortgage approvals are set to hit the wires and are expected to decline from last month, strengthening the view of declining house prices
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