BUSINESS

The pound euro exchange rate edged to €1.094 this morning on speculation that the European Central Bank’s planned stimulus package will be bigger than initially expected. Olli Rehn, a member of the ECB’s rate-setting committee, said: “When you’re working with financial markets, it’s often better to overshoot than undershoot, and better to have a very
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Hopes that the UK could avoid crashing out of the EU rose as UK opposition parties reinforced their plans to block a no-deal Brexit. Labour leader Jeremy Corbyn called for MPs to support a no-confidence vote in Boris Johnson’s administration. While Corbyn’s bolt-on proposal for a caretaker PM met some resistance, his actions have encouraged discussions
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The ECB’s bearish economic outlook has weighed on the European currency today. Demand for the euro is also faltering as the global economy continues to slow down and bets for a German recession increase. Meanwhile, the pound is edging higher against the euro today as opposition to a no-deal Brexit grows. This follows increasing pressure on the Liberal
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Despite rising Brexit uncertainty, consumer confidence and spending remained optimistic last month, particularly online with promotions like Amazon’s Prime Day contributing to a 6.9 percent sales surge. Brick and mortar stores also enjoyed increased consumer attention in July, with a month-on-month growth of 1.6 percent in department store sales – the first upswing this year. GBP investors
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However, the year-on-year Retail Prices Index – another important inflation gauge – dropped from 2.9 percent to 2.8 percent. Overall, today’s data supported sentiment and diminished expectations that the BoE will make changes to interest rates in its scheduled September 19 meeting. James Smith, a Developed Markets Economist at ING, commented: “[W]e suspect the Bank of
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