Looks like interest rates will be moving next week.
Quote:
Bank of England policy maker Martin Weale said Brexit has rattled the economy more than he anticipated and indicated he now favors immediate stimulus.
After saying last week he needed to see more evidence of a deterioration, his shift follows the publication of Markit’s Purchasing Managers Indexes, which showed business activity plunged to the weakest in seven years after the U.K.’s vote to leave the European Union. Markit said there had been a dramatic “deterioration” since the referendum.
The readings were “a lot worse than I had thought” and showed “expectations have worsened sharply,” Weale said in interview with the Financial Times published on Tuesday. “They are the best short-term indicator we have at the moment.”
The surveys are “very material for the decision we’ll be taking next week” and quantitative easing can still be an effective tool, he said. The Aug. 4 announcement will be Weale’s last before he leaves the Monetary Policy Committee.
The pound dropped 0.4 percent to $1.3083 as of 7:43 a.m. in London.
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Seems for their flaws these PMI surveys are taken pretty seriously by those who make the decisions.
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This is also interesting.
Quote:
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Theresa May is preparing a Brexit fudge which will disappoint everyone
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The possibility that we may end up with something that doesn't really please anyone.
For myself I have no idea how she can promise no border controls between Northern Ireland and the Republic of Ireland, other than the obvious.
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A last post before I try and focus on work again - Article 50 can be unilaterally rescinded by the UK.
http://uk.businessinsider.com/brexit...50-work-2016-7
I know I said in the past that that would be that when it's served, no way back, but I was wrong as indeed many people have been. I apologise to you guys for the misinformation.