Article Image 28195

PMI Services and Carney will keep the market on its toes

Another cheer for Brexiters as the growth in Britain’s construction industry hit a seven-month high in October as housebuilding rose. The UK Construction Purchasing Managers’ Index (PMI) increased unexpectedly to 52.6 from 52.3, against a consensus forecast of the figure sliding. This is the smallest PMI in terms of economic activity output, out of the three sectors measured but is good news for the sector as homeownership continues to be an issue in the UK. However, in line with the chilling conditions we also saw slowing order books and soaring prices for building materials, which could be signs darkening clouds on the horizon.

Sterling pushed higher against the US dollar on negative US sentiment, due to poor unemployment data, and election uncertainty from reports that Trump was ahead in the ABC opinion poll.

Today we have the Bank of England (BoE) quarterly inflation report and interest rate decision due. Fresh from stating that he will be completing his tenure and extending it by a further year, BoE Governor Carney will be speaking in front of the Treasury Select committee before holding a press conference to answer any questions. Given the recent bout of high-profile companies suggesting price increases for 2017, we expect to see inflation to be high on the agenda.

Key PMI service sector data is also due for release today. This number is heavily scrutinised as it accounts for roughly 70% of UK economic activity.

By Ricky Bean

Smart Currency Exchange

Comparison tool

Sending Currency
Buying Currency
Send USD Receive

Etta and Pierre Deschamps, Documentree Films

We regularly receive funds from overseas and used the Moneycloud to find an FX company who have helped us with a much better exchange rate than our high street bank. We're 3-4% better off as a result. Thank you the Moneycloud

Felicity Liebmann

Used your service last week to get travel money from ICE and it all worked beautifully. Very efficient and easy, the cash arrived when it was due so there was no hanging about waiting or anxiety about it not arriving when promised.
International payments - overseas money transfers

INTERNATIONAL MONEY TRANSFERS FOR BUSINESSES

As a business, making global payments involves many risks, including exchange rate risk. If you are making regular transfers the cumulative costs due volatile exchange rates can be excessive. We can empower you to make International Payments cheaper and easier for your business.

France property

MAKING OVERSEAS PAYMENTS FOR BUYING PROPERTY IN FRANCE

When purchasing a property in France, we explain all the steps involved in the purchase. We can demonstrate how to make the most of your money when making the international payments to cover the purchase price and associated costs and how to avoid exchange rate risks.

Market Insights

Sign up for our newsletter.

Thank You for subscribing to our Newsletter

You have successfully signed up to our Newsletter