Sterling Update

The Lighthouse Keeper

Good Morning,

FOREX.

For sterling at least, the main focus today will be with the Autumn Statement. Traditionally this was an opportunity to announce revised growth and borrowing forecasts for the years ahead, but more recently has turned into something of a mini-budget in itself. The economy has held up well since the Brexit vote in June, but remember that the UK has not yet started the process, so both the government and BoE recognise that there is a considerable period of uncertainty ahead. There have been some mixed messages from the government so far. The new Chancellor, Phillip Hammond, has relaxed the previous commitment to balance the budget by 2020, but has also acknowledged that the low rate environment provides an opportunity for expanding infrastructure investment. The reaction to Trump’s victory in the US also provides some food for thought for the UK government. Seemingly, markets have reacted well…

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