It’s been a quiet start to the day in financial markets but things are likely to pick up considerably, with the Bank of England interest rate decision and minutes due and a raft of data to come from the United States.
British inflation unexpectedly held steady in August, keeping the chance of another Bank of England rate cut on track despite a big rise in raw material costs after June’s vote to leave the European Union.
Today, though, the Cable is hanging by a thread and has given up almost the entire sharp gains made yesterday. But at the time of this writing, the GBP/USD was testing a key short-term support range between 1.3220 and 1.3250, so there was a possibility that it would bounce back here.
The Bank of England will not "stifle" innovation in financial technology with new rules as it seeks to get to grips with its impact, a senior central bank official said on Thursday. Victoria Cleland, the BoE's Chief Cashier, said a priority for the central bank this year was devising its regulatory approach to so-called fintech.
Global investors cut their UK equity and bond exposure in August in the wake of Britain's vote to leave the European Union and sought out higher-yielding emerging markets in reaction to Western central banks' loose monetary policies.
The financial system's ability to cope with Britain's vote to leave the European Union and with doubts over growth prospects show the benefits of rules introduced since the 2008 collapse of Lehman Brothers bank, a global watchdog said today.
World shares set up camp at one-year peaks today as a rally in Chinese stocks helped offset news that Japan's economic growth had ground to a halt in the last quarter, while crude oil prices extended their latest rally.