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Abshire-Smith Market Analysis

Bank of England unanimous on interest rates

The Bank of England has released the minutes of MPC meeting held on 8 and 9 April 2010. At the meeting the MPC members voted unanimously (9 -0) to leave interest unchanged at 0.50% and asset purchases (£375bn). Two of the MPC members regarded this month’s decision as finely balanced most likely Martin Weale and Ian McCafftery, who have previously dissented at the August 2014 meeting. The MPC remit is to target inflation at 2%, the most recent readings of CPI have been recorded at zero, however...

UK Election Weighs on Sterling

Major analysts have released notes warning their clients that the minority government outcome from the general election on 7 May is “likely” to weaken Sterling. The most recent polls (YouGov) show the two major parties neck and neck. UBS along with Citi have said that the possible formation of a minority government will lead to a clear decline in the pound, at a time when Sterling has traded at a 5-year low. With voters heading the ballot box in just over two weeks, the expectation is that the...

Greece v Germany - who will blink first?

German Finance Minister Wolfgang Schaeuble issued a statement late last night in New York criticising Greece for backing out of agreed bailout reforms. He said that ‘nobody expects that there will be a solution’ to Greece’s drama by next Friday’s ECB meeting on 24th April 2015; this fully contradicts with the Greek Finance Minister Yanis Varoufakis’ comments last week when he said he was ‘very confident’ a solution would be reached....

Sterling trades at a 5-year low

Sterling has traded to a 5 year low in the currency markets against the US dollar on the back of poor construction and production data released by the ONS. On Thursday the Bank of England’s MPC announced their decision to leave interest rates and quantitative easing unchanged as expected, with the pound weakening following disappointing trade deficit figures. Thursdays close was the lowest level for Cable since June 2010, in part due to a strong dollar combined with the weak UK data. This morn...

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