News and Reviews European Economic Zone

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News and Review of European Economic Zone

 

Ex-ECB officials are Patient Waiting Banking Union

Thursday, September 26, 2013

 

Stability of the financial system in the blue continent will not be achieved if the relevant parties are reluctant to resolve the crisis recovery agenda. One is the establishment of a body of discourse that regulates banking activity in Europe. The idea of ​​banking union has so far not materialized due to some parties still disagree.

 

According to the former President of the European Central Bank (ECB), Jean-Claude Trichet, the establishment of an authority that is responsible for the performance of the bank is needed in quick time. Considering the effect caused by troubled banks unusually large area of the financial system. Although the ECB has just given the power to monitor the performance of banks in the Euro zone, the banking market has not fully secured until the existence of an authority with that specifically regulates all banks in the euro zone.

 

Conference on the sidelines of SkyBridge Alternatives (SALT) in Singapore, SkyBridge Alternatives (SALT), Jean-Claude Trichet criticized the lack of a body that he dreamed of since first. "Europe has not yet decided the final resolution (about this), but presence is needed," said the ex-president of the ECB period 2003-2011. Trichet is determined to continue to press those immediate departure realize discourse related to banking union.

 

Banking union is a union discourse and supervision of the European banking system to avoid a new crisis due from banks operational errors. This includes the establishment clause of a super agency that oversees all the activities of business bankers. It's been three years since the financial crisis first European region to spread, but no certainty when the resolution of banking formed. Resources of European countries just out to capitalize the economy of Greece, Ireland, Portugal and Cyprus, the national debt to swell due to improper bank governance.

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News and Review of European Economic Zone (Spain)

 

Bank of Spain: Spanish Economic Recession May Have Ended

Thursday, September 26, 2013

 

Spain's economy has shown signs of stabilization or even have grown slightly during the period from July to September, according to the monthly economic bulletin Bank of Spain.

 

"The data available may still be partial and incomplete, but began to lead to a stabilization or even a slight increase in GDP," the central bank said in the report.

 

Bank of Spain's estimate based on data taken from the latest confidence and consumer retail sectors, as well as signs of improvement in the industrial sector. The central bank also highlighted the increase in car registrations in the last 2 months.

 

What is expressed Bank of Spain seems in line with Spanish Prime Minister Mariano Rajoy statement earlier this week, who said that the 2-year recession ended in the summer. In an interview with The Wall Street Journal on Monday, Rajoy also said that the economy may have grown at a quarterly rate of between 0.1% to 0.2% in the 3rd quarter.

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News and Review of European Economic Zone (UK)

 

Confirm Final UK GDP Growth 0.7% in Q2

Thursday, September 26, 2013

 

UK economy expanded 0.7% in the 2nd quarter of 2013, according to final estimates released by the Office for National Statistics on Thursday. This figure is similar to previous estimates released on 23 August. While the first quarter of 2013 GDP revised up to 0.4% from the previous estimate of 0.3%.

 

"In a widespread and sustained increase in both the manufacturing and construction sectors both showed faster growth than forecast and followed strong growth in the services sector. Meanwhile revival of recession seen in the euro zone, the UK's main trading partner, should can help boost exports and support the sustainability of growth, "said Chris Williamson, chief economist at Markit.

 

"Economic growth in the UK for this year could reach 1.7%, above the average consensus of 1.4% and well above the Office for Budget Responsibility forecast of only 0.6%," he added.

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News and Review of European Economic Zone (UK)

 

Notice the BoE's Carney More UK Unemployment Rate

Friday, September 27, 2013

 

The unemployment rate in cities other than London will be considered before the central bank has decided to raise interest rates from a low of 0.5%, according to BoE Governor Mark Carney. "We will consider the condition of the economy across the UK. Recovery is only happening in South West England can not be a picture of the sustainability of the recovery of the UK economy as a whole," Carney said in the Liverpool Echo.

 

Carney reiterated that the central bank wants to make sure the momentum is sustained UK economic recovery. BoE has uttered will not raise interest rates until the unemployment rate fell to 7%. BoE predicts the unemployment rate could reach 7% by the end of 2016. BoE's Carney likely wanted to dampen market expectations amid estimates that the central bank will tighten monetary policy sooner than they should.

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News and Review of European Economic Zone

 

ECB Still Have Room To Lower Interest Rates

Friday, September 27, 2013

 

ECB still has room to cut rates if necessary, according to the ECB board member Benoit Coeure. The European central bank officials stressed that the ECB's commitment to maintain low interest rates superbly help stabilize interest rates in the money market that banks use to make loans to other banks. However, Coeure also point out that the central bank does not target a specific interest rate for the money market.

 

Coeure express "forward guidance" sinyalkan ECB monetary easing bias and this means the possibility of further rate cuts. Recent Reuters survey showed that the ECB will keep interest rates at a low 0.5% level until April 2015. Survey did not anticipate further rate cuts, but still see the possibility of giving cheap loans to banks (LTRO) next. Couere said the LTRO is one policy option but Couere not see that the policy will be pursued in the near future.

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News and Review of European Economic Zone (Italy)

 

Italian President warns Berlusconi

Friday, September 27, 2013

 

President of Italy, Giorgio Napolitano, gave warning to Silvio Berlusconi after his supporters threatened out of parliament in protest at sanctions against Berlusconi. Italian political situation heated up again since Berlusconi, piminan People of Freedom party (PDL), which supports the government of Prime Minister Letta, was convicted and is now threatened to be removed from the world of Italian politics. Yesterday, Berlusconi supporters threatened to resign from parliament if the Senate Vote on the 4th October decided to pull out of parliament Berlusconi.

 

Napolitano, who has the right to dissolve parliament and announce the election, said the threat of the PDL party will interfere with the function of the Italian parliament. "There is still time if the PDL wanted to show his position on issues which are hindering Berlusconi without disrupting parliamentary activity," Napolitano said. The Italian president also did not notice any irregularities and denied the court's decision will take action to overturn the decision of the Supreme Court of Italy.

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News and Review of European Economic Zone (Italy)

 

Letta Still Want to Save the reign

Monday, September 30, 2013

 

Enrico Letta Italian Prime Minister Silvio Berlusconi opposed the efforts of convening elections to push for short and said he plans to get a new parliamentary majority to save his government . Letta said he will propose vote of confidence on October 2, to try to save his government that Beru was 5 months after Berlusconi , its partner in the coalition , withdrew its support and the ministers of the cabinet . This makes the issue of leadership in the country 's third-largest economy in the euro zone is also questionable as Germany is still waiting for clarification from the coalition of Chancellor Angela Merkel .

 

Political instability risk injuring struggle for 4 years to curb speculation on European government debt market . Disputes between Berlusconi and Letta Prime Minister who has served three times , pushing Italian bond yields rose last week and causing disruption in Italy's ability to meet its budget commitments . This dispute may also undermine efforts to promote the idea of ​​European Union Italy to tackle the debt crisis .

 

" Bekepanjangan political deadlock with the postponement of the formation of the grand coalition in Germany does not conform to policy swift euro zone , " said Fabio Fois , an analyst at Barclays Plc . Letta - end of the coalition between Berlusconi " will create volatility in Italian government bonds remained high . "

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News and Review of European Economic Zone

 

Euro Zone Inflation Slows to Lowest Level 3 - Year

Monday, September 30, 2013

 

The annual inflation rate in the euro zone slumped to the slowest level in 3 ½ years in September , providing additional space for the European Central Bank to pump more monetary stimulus into the economy vulnerable areas if necessary .

 

Based on the reports of the European Union's statistics agency , Eurostat , consumer price inflation in the 17-nation bloc recorded an increase of 1.1 % in September from a year earlier . In addition to the annual inflation rate slowed from 1.3 % recorded in August , the figure also is the lowest since February 2010 . Economists had expected euro zone CPI will accelerate with the speed of 1.2 % .

 

Eurostat also added that the slowdown in September was caused by the steepest decline in energy prices since November 2009 , the weakening of rising food prices , alcohol and tobacco .

 

With inflation rates remain well below the 2% target set ECB , inflation will no longer be viewed as a barrier when policy makers finally decided to inject more stimulus for the economy .

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News and Review of European Economic Zone (Germany)

 

German Retail Sales Grow but Disappointing

Monday, September 30, 2013

 

German retail sales rose in August from July, but the increase was below economists' expectations. German retail sales rise in August, the first after two previous months has decreased, which indicates the business recovery in Germany is still moderate.

 

According to the Bureau of Statistics, German retail sales rose 0.5% from the previous month, but still far below the forecast of 0.8%. Compared to August of the year 2012 German retail sales rose by 0.3%, while the whole of 2013 rose by 0.1%, from the same period last year.

 

Weak retail sales inversely with the level of consumer confidence in Germany who touched the highest level in the last six months, supported by a strong labor market.

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News and Review of European Economic Zone (UK)

 

Consistent Expanding Manufacturing UK

Tuesday, October 1, 2013

 

Manufacturing activity in the UK (September ) rose for the sixth month in a row . Job creation surged to its highest level in more than two years. The two indicators of economic revival in the country marking Queen Elizabeth .

 

Maufaktur purchasing managers index calculated by Markit institutions and the Chartered Institute of Purchasing and Supply fell slightly from 57.1 (August ) to 56.7 . But once again , the readings above 50 indicating expansion of manufacturing activity remained . Data in September also disappointing financial analysts , who predict a continued rise in the position of 57.4 .

 

The average growth rate between July and September showed that the performance of manufacturing grew between 1.0 % and 1.5 % in the third quarter . " UK manufacturing continued positive performance . Results recent data showed that the economy accelerated faster than the expectations of many people , " said Rob Dobson , Chief Economist at Markit .

 

PMI also showed the opening of new jobs for the fifth month in a row . Manufacturing employment index rose from 51.9 to 54.0 in September level or the highest level since April 2013. " The number of workers rose the fastest pace since May 2011 and complements a positive outlook for this year , " said David Noble , chief executive of CIPS . The exchange rate of pound sterling is now seen at 1.6247 per dollar level .

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News and Review of European Economic Zone

 

Eurozone Unemployment Rate Dropped 3 Months streak

Tuesday, October 1, 2013

 

European Bureau of Statistics, Erostat, the data showed euro zone unemployment rate back down, and a decline in three consecutive months, which gives a signal Eurozone economic recovery continues to run. Pengangguuran levels released in August by 12.0% lower than economists' estimates by 12.1%.

 

However, the rate equal to the unemployment rate in July after a revised from previous releases of 12.1% to 12%. Another positive signal is indicated by a youth unemployment rate fell slightly to 23.7% in August from a record high in July and June amounted to 23.8%.

 

While the Spanish unemployment rate was unchanged in August from July's 26.2%, which is the second highest unemployment rate in the Euro zone. Meanwhile, Italy's unemployment rate in August rose to 12.2% from 12.1% the previous month.

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News and Review of European Economic Zone

 

The ECB is estimated that the Fed Will Follow Steps

Wednesday, October 2, 2013

 

Meeting of the European Central Bank on Wednesday is expected to hold for the current policy measures but remain open option interest rate cuts or additional funds flow if the worsening euro zone outlook . 23 board members who met in Paris to discuss the slowing of inflation toward the low level 3-1/2-tahun , a slow recovery in the euro zone , chaotic political instability in Italy and bond yields are volatile due to the U.S. Federal Reserve policy .

 

ECB President Mario Draghi last week raised the chances of additional steps if bond yields move up too high , said the banking system can be re- supplied with long-term loans if needed . But that could yield oblgiasi moved up last summer in prospect withdrawal of stimulus by the Federal Reserve , have come back down after the U.S. central bank refrained to start the process now , relieving the ECB to take immediate steps. However, the ECB's Draghi underlined readiness to take action , saying that if it takes ECB LTRO could use additional , long-term loans , which was launched in late 2011 and early 2012 to transport more than 1 trillion euros ( 1:35 trillion dollars ) into the banking system .

 

" A LTRO is generally considered to be necessary at this time , but should still be another option to prevent the rise in bond yields and maintain the stability of the banking system , " said Sassan Ghahramani , CEO of SGH Macro Advisors in the U.S. . Offers a 3 -year LTRO on bank tenor with a fixed interest rate and can be followed if the ECB cut interest rates would " effectively makes the ECB stick to its pledge to keep interest rates low , " said Ghahramani .

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News and Review of European Economic Zone (UK)

 

BoE 's Dale Want to Assess Market Perception Interest

Wednesday, October 2, 2013

 

Bank of England chief economist , Spencer Dale , warned that the market is not overly anticipating a rate hike before 2016 England . BoE committed to keep interest rates at low levels for a 0.5 % unemployment rate remained above the 7% level ; conditions that may occur in late 2016 . However , the improvement in the UK economy has fueled expectations that interest rates rise faster where recent surveys indicate a possible increase in interest in 2015 .

 

BoE 's Dale says that the market should reassess the perception of interest rates as the economic situation now is different from the past . " If the market anticipates higher interest rates sooner - because think if the economy improves quicker then the central bank will raise interest rates - then they should think again , " said Dale . " Guide central bank policy is quite clear that that is not what is happening now . "

 

Meanwhile , thin weakening sterling record in the early Asian session . GBP / USD is now trading 1.6174 ; trying to stay away from daily highs 1.6198

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News and Review of European Economic Zone (UK)

 

Expansion of the UK Construction Sector Continues For 5th Month streak

Wednesday, October 2, 2013

 

UK construction sector again recorded strong growth in activity , following a continued surge in house building and job creation , according to a monthly survey released Wednesday .

 

Report Markit and the Chartered Institute of Purchasing & Supply construction PMI showed expansion for the 5th month in a row in September , despite a slight decline to 58.9 from 6 - year highs in the 59.1 recorded in August .

 

The moderate slowdown has not deterred the construction of the house , which is a major factor in triggering the recent increase , surged to its highest level since November 2003 .

 

" Construction is no longer the weakest sectors in the UK economy , " said Tim Moore , senior economist at Markit . " 3rd quarter of 2013 has ended with a sharp rise in output growth , in the midst of spending on infrastructure projects that are larger and the revival of home building activity . "

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News and Review of European Economic Zone

 

Former ECB boss Conflict U.S. Budget Critics

Thursday, October 3, 2013

 

Failure stakeholders in the United States to raise the nation's debt ceiling is ' absurd ' . Moreover , the attitude of the Congress lose credibility at risk even the biggest economies in the world .

 

The opinion expressed by the ex - president of the European Central Bank , Jean - Claude Trichet , told CNBC . " I hope a solution is reached soon . It is very important not only for Americans , but also for the global economy , " said Trichet . Regardless of the political dynamics in Washington , former ECB chief does not understand why the warring parties willing to risk for the sake of the country respectively .

 

When asked about the recovery climate in Europe , Trichet suggested that government agencies and the European Union every compact countries undertaking structural reform , not only for the expansion of employment opportunities , but also by the availability of goods and services for residents . In the absence of comprehensive reform , the Euro zone will not achieve the ideals of a unified market economy as the foundation of the establishment of the single currency area . " There is still much to be done by all parties , " he said .

 

Trichet did not see any possibility for the euro zone economy to return to normal in the near future . He also does not expect the labor market to recover all of a sudden because developed countries also have their problems . " The emergence of policies of non - conventional developed country central banks shows that all countries have the same problems , " Trichet added . Japan , America , Britain and the euro zone will be the backbone of the global economic recovery . Fourth of government institutions should be able to fix the fundamental report card so that central bank policy can be right on target .

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News and Review of European Economic Zone (UK)

 

Markit / CIPS : UK Service Sector Activity Jumps to 16 - Year Peak Level

Thursday, October 3, 2013

 

Activity in the UK service sector remained solid in September with increasing confidence in new business , which pushed the index recorded its best quarterly performance in more than 16 years , according to a monthly survey released Thursday .

 

Despite reports Markit Economics and the Chartered Institute of Purchasing & Supply Chartered showed the services sector PMI fell to 60.3 from 60.5 in August , the figure was still better than expectations for a decline to 60.0 .

 

"Businesses in the services sector showed a sustained growth spurt in September , " said Chris Williamson , chief economist at Markit . " We also have seen signs that the strong expansion will persist in the coming months , such as new business growth in September was one of the strongest in the history of the survey of the services sector . Coming year business confidence also increased again , while other survey results have shown improvement of the condition of the household . "

 

After expansion in the first 2 quarters of 2013 , a series of recent data also indicate the economic recovery is accelerating in the 3rd quarter . So help foster trust between service providers .

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News and Review of European Economic Zone (Germany)

 

Germany Leads Acceleration Eurozone Business Activity

Thursday, October 3, 2013

 

Euro zone business activity gradually improved as shown by the data purchasing managers ' index ( PMI ) today . Business rate in September to be the fastest in the last two years thanks to improved economic passion especially in Germany , Italy and France .

 

Latest facts prove that the spread widening trend of economic recovery in several countries . However, the latest condition is not fully solid because there are still some issues that can not be solved by policy makers .

 

Data provider Markit announced some time ago that the Purchasing Managers ' Index rose from 51.5 to a combined 52.2 in September . Results of the index last month was the best since 27 months ago . A reading above 50 reflects monthly expansion in the manufacturing and industrial sectors Euro zone .

 

Fastest pace of business activity in the euro zone accounted for by Germany , although its rate of expansion slowed compared to last August . Italy recorded the fastest growth in the last two years , and the French have the fastest business activity in the past year . While business passion in Spain declined slightly due to economic fundamentals have not been too strong . Several euro zone countries in the south also has not shown any significant progress in the manufacturing sector . The euro exchange rate is now seen at 1.3601 per dollar positions .

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News and Review of European Economic Zone (Portugal)

 

Portugal Raises 2014 Growth Forecast

Friday, October 4, 2013

 

Portuguese government estimates growth rates will rapidly increase next year as the deficit targets while maintaining try out of its bailout program . " No signal the beginning of the recovery in economic activity , " said the International Monetary Fund yesterday along with the European Commission and the European Central Bank on review to the 8th and 9th Portuguese aid plan . Pemrintah raise the level of growth forecast in 2014 to 0.8 % from 0.6 % . The government estimates the economy will contract 1.8 % this year , lower than the previous estimate of 2.3 % . The unemployment rate is expected to be at 17.4 % this unbroken , lower than the previous estimate of 18.2 % sebeasr .

 

Prime Minister Pedro Passos Coelho had to try to cut spending around 3.3 billion euros ( 4.5 billion dollars ) in 2014 after a largely rely on tax increases this year to meet the target of EU aid programs and the IMF . Portugal is trying to regain full access to debt markets at the end rescue plan worth 78 billion euros at the close in June 2014 .

 

" Currently, only the remaining 3 review again , " said deputy Predana Minister Paulo Portas at a press conference in Lisbon yesterday . Portugal 's economy expanded in the second quarter for the first time since 2010 following the increase in the growth rate of the export sector . The Government maintains budget deficit target at 5.5 % of GDP for this year and 4 % for the year 2014. 2014 budget proposal , including spending cuts which the new government , will be submitted to Parliament on 15 October.

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News and Review of European Economic Zone (UK)

 

UK Financial Optimism Rises, Sterling Gains

Monday, October 7, 2013

 

Sterling rose for the first time in the last three days against the dollar after data showed the UK financial industry optimism reached its highest level in 17 years in the third quarter, underlines the strength of the UK economy.

 

"At this time we can not ignore the data. Investors must decide whether the long-term outlook for sterling is still challenging or data that we see today shows that the economic recovery will be strong. We think sterling starts to look too strong at current levels "said Paul Robson of the Royal Bank of Scotland Group Plc.

 

Sterling rose 4.4% against the dollar in September after increasing economic data encouraged investors increased speculation the central bank will raise interest rates sooner than expected. BGPUSD currently trading at around 1.6064 1.6024 away from daily lows.

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News and Review of European Economic Zone

 

Euro slips , however Towards Strengthening Weekly

Monday, October 7, 2013

 

The euro slipped from eight- month highs against the dollar on Friday after rising for five consecutive days , investors are still cautious in making great strides due to shutdown of the U.S. government entered the fourth day . However, the euro still will record weekly gain against the dollar after Atalanta Fed President Dennis Lockhart , said the lack of data would tend to make him cautious to reduce the bond purchase program .

 

Release of data on non - farm payrolls were always carefully monitored , and a key factor in the discussion when the Federal Reserve will begin to reduce monetary stimulus was delayed due to the shutdown of the U.S. government . Bureau of Labor Statistics will not collect the data , issue a report , or respond to public inquiries during the closure takes place . In the description of the new U.S. Department of Labor will update the latest report if the government had to operate again , and the revised schedule will be released as they become available .

 

EURUSD is currently trading at around 1.3585 1.3630 away from daily highs .

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News and Review of European Economic Zone (Germany)

 

Although Up , Volume Exports Germany Not Satisfactory

Tuesday, October 8, 2013

 

German state export performance improved in August 2013 as well as distort decline lal July . But the momentum of progress is not fully exist due to the volume of demand from the Euro zone has not been normal .

 

German statistics office data showed that exports of goods rose 1.0 % in August compared to July . However, on an annual basis , exports fell 5.4 % over the same period in 2012 . Exports between the months of January to August fell 1.1 % over the same period the previous year , where deliveries to the euro zone fell 3.1 % . In contrast to German exports to European Union countries nonusers Euro , the ratio actually rose 1 % .

 

German trade surplus rose to 15.6 billion euros ( $ 21.2 billion ) in August from the month of July were revised surplus of 15.0 billion euros . Although it was above analysts' estimates ( 15.0 billion euros ) , but the surplus in August is still below the record surplus the same month last year ( 18.1 billion euros ) .

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News and Review of European Economic Zone (France)

 

Bank of France Cuts Q3 GDP Growth Projections

Tuesday, October 8, 2013

 

Bank of France on Tuesday cut its forecast for economic growth in the 2nd biggest in the Euro block for the 3rd quarter of this year , following the business sentiment indicator unchanged in September from August .

 

Referring to the monthly index of business activity , the Bank of France estimated the French GDP will grow only 0.1 % in the July-September period from the previous 3-month period . The figure is lower than the central bank forecast in France last month , the estimate of 0.2 % GDP expansion .

 

Revisions by the Bank of France was also increasingly in line with the projected state statistics agency , Insee . Prediction Insee last week showed the French economy will stagnate in the 3rd quarter after posting growth of 0.5 % in the 2nd quarter of 2013 . Insee also predicted GDP growth will bounce back in the 4th quarter , and revised upwards its growth forecast for the full year to 0.2 % from the previous contraction of 0.1 % .

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News and Review of European Economic Zone (Germany)

 

German Factory Orders Decline in August

Tuesday, October 8, 2013

 

German manufacturing orders unexpectedly recorded a decline in August as slowing overseas orders . " But overall momentum remains positive , with strong domestic demand for capital goods indicates growth in investment activity , " according to the Economy Ministry on Tuesday .

 

German factory orders posted a decline for the 2nd month in a row with a 0.3 % decline in August , after falling 1.9 % the previous month . That nullifies 1.2 % rise expected by economists .

 

Attenuation seen in August largely driven by a 2.1% decline in foreign orders , with orders from the Euro zone showed a very weak . While domestic orders rose 2.2 % in August from July , led by a surge of 4.7% in domestic capital goods orders . In the annual rate , total German manufacturing orders still recorded an increase of 3.1 % from August last year .

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News and Review of European Economic Zone (UK)

 

UK Industrial Production to Melorot Almost Lowest Level In 2012

Wednesday, October 9, 2013

 

UK industrial production unexpectedly fell in August to its lowest level in a year , giving doubts over the strength of the recovery in the third quarter .

 

Industrial production fell by 1.1 % from July , when it rose as much as 0.1 % , the national statistics bureau said today in London . The median forecast of 30 economists in a Bloomberg News survey before expect there will be a 0.4 % increase . Factories cut production by 1.2 % , with the pharmaceutical sector provide the largest contribution to the overall decline .

 

Meanwhile the International Monetary Fund yesterday institutions Rev economic forecasts for the UK is higher than other G7 countries , today's report showed that the industrial sector can exacerbate Britain's recovery . Policymakers at the Bank of England will probably maintain policies to strengthen the recovery as they will provide conclusions on the two-day meeting that begins today , according to a Bloomberg News survey .

 

" Global economic conditions are still challenging , " said Howard Archer , an economist at HIS Global Insight in London , before the release of the report . " Prospects for UK manufacturing export orders ultimately help the euro zone out of recession in the second quarter and is likely to achieve moderate growth in the the third quarter . "

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News and Review of European Economic Zone (UK)

 

UK Economic Data Press Sterling

Wednesday, October 9, 2013

 

Sterling anjliok to its lowest level in two weeks after manufacturing production data fell in August , raises doubts about the power of the UK economy in the third quarter . Manufacturing production data for August fell -1.2 % from the previous month when it rose 0.2 % while economists forecast manufacturing output rose 0.3 % in August .

 

Separate data also showed the UK trade deficit declined in August , but still larger than the predictions . UK trade deficit in August by 9.6 billion pounds down from the previous month at 9.9 billion pounds , but still higher than the estimate of 8.9 billion pounds . While the BoE is expected to keep interest rates at record lows in the last minutes of the meeting which will be released tomorrow .

 

Sterling fell 1.2 % last week and became the worst performing currency among other developed-nation currencies . GBPUSD is currently trading at around 1.5981 , with daily highs 1.6120 , 1.5964 and the lowest .