EURGBP extended gains for the second successive session, trading around 0.8420 on Thursday. The Euro remains strong as the European Central Bank decided at its July Monetary Policy Meeting to maintain its main refinancing rate at 4.25%, as expected. The ECB’s deposit facility rate also remains unchanged at 3.75%. Traders are now looking to further … Read more
The US Dollar is holding steady early Wednesday, as investors gear up for key macroeconomic events that could significantly impact the currency’s valuation. The Bureau of Labor Statistic will release the Consumer Price Index data for May in early U.S. trading. Later in the day, the Federal Reserve will announce monetary policy decisions and publish … Read more
The US Dollar strengthened due to upbeat PMI data, with the USD Index closing in positive territory for the fourth consecutive day. The S&P Global Composite PMI showed business activity expanding at an accelerating pace in May. Japan’s National Consumer Price Index rose 2.5% in April. The Reserve Bank of New Zealand stated that lowering interest rates was not being discussed in the near term. UK Retail Sales declined 2.3% in April. Gold fell more than 2% on Thursday.
The CEO of a financial advisory firm believes that the Bank of England should start cutting interest rates this summer despite UK inflation data showing mixed signals.
The fact described in the text is that environmental taxes in the UK have been hitting fresh records every year, with the latest data showing a 4.9% increase in 2023, reaching close to pre-pandemic levels.
The British economy grew by 0.6 per cent in the first quarter of the year, beating expectations and leaving behind a mild recession in 2023.
The inflation rate increased by 2.4% in April, with the Consumer Price Index rising by 1.68 points to 117.09. The largest changes were seen in petroleum products, restaurants and hotels, and transport categories. Restaurants and hotels had the greatest impact on the change in CPI compared to April 2023, while transport had the greatest impact compared to the previous month. Petroleum products had the most significant impact on the change in CPI compared to both April 2023 and the previous month.
The value of research and development undertaken in Britain each year could be more than 20 per cent higher than current estimates, with the redeveloped Business Enterprise Research and Development Survey suggesting R&D in 2022 was 53.0 billion pounds compared to an existing estimate of 43.4 billion pounds.
British house prices fell by 0.2 per cent on an annual basis in February, the smallest decrease in eight months, according to the Office for National Statistics.
Fact: Britain’s economy is on course to exit a shallow recession after output grew for a second month in a row in February, with GDP expanding by 0.1 per cent in monthly terms.