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Pound drops 0.86% on Broadbent's comments, but Sterling manages a small comeback with positive UK employment data

12th July 2017

Yesterday the Pound dropped 0.86% on Broadbent's comments. Sterling has since made a slight recovery this morning on positive UK employment data, but the shake up has left us wondering what next for the Pound?

The Pound came under pressure yesterday as comments from Bank of England deputy governor, Ben Broadbent, failed to offer any hint of an interest rate increase. In fact Broadbent suggested that less EU trade could leave the economy hurting. Markets responded accordingly and cut the pound down to 1.1173. However Sterling has recovered slighly this morning to 1.1215 after positive UK employment data showed Unemployment had fallen by 64,000 to 4.5% (below the projected 4.6%). Despite the good news on record low unemployment levels, we were also told that inflation is still outstripping real wages so UK employees will be feeling a squeeze on their wallets in real terms.

So what next for the Pound? Markets will be watching the Pound closely for reactions to the second round of UK/ EU divorce talks next week.

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