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UK Weekly Commentary - 03 August 2020

UK weekly commentary from Awa Brokers covering highlights, what we’re thinking about the markets and what your clients may be asking this week.


What we think

The Manufacturing and Services PMI indicates expansion in both sectors. Increase in money supply, lending, and investment is being encouraged by Quantitative Easing of the Bank of England which reached 725B in June vs 645B in May.

Week ahead

Manufacturing PMI (Jul) – The Manufacturing Purchasing Managers Index rose to 53.3, from a previous reading of 50.1, an indication of expansion in the manufacturing sector.


Composite PMI (Jul) – The activity level of purchasing managers in both sectors expanded, reaching 57.0 vs previous reading of 47.7.


Services PMI (Jul) - The Services Purchasing Managers Index rose to 56.5, from a previous reading of 47.1.


U.K. 10-Year Treasury Gilt Auction - The yield on the Treasury Gilt auctioned edged lower to 0.197% in July from a high of 0.260% in June.


U.K. BoE MPC Vote Unchanged – 9 members of the Monetary Policy Committee members voted to keep the Bank of England’s rate unchanged in the previous decision meeting.


BoE QE Total (Jul) - The total amount of Quantitative Easing the Bank of England has chosen to implement reached 725B in June vs 645B in May.


BoE Interest Rate Decision (Jul) – The Bank of England’s interest rate decision remained unchanged at 0.10% between March and June.


Construction PMI (Jul) – The activity level of purchasing managers in the construction sector is forecast to expand by 57.0 vs previous reading of 55.3.


Halifax House Price Index (MoM) (Jul) – House prices fell by 0.1% in June vs a drop of 0.2% in May.


Halifax House Price Index (YoY) - The change in the price of homes and properties financed by Halifax Bank Of Scotland rose by 2.5% YoY in July vs 2.6% in the previous period.


CFTC GBP speculative net positions – In July, the net positions for "non-commercial" traders in U.S. futures markets reached a high of -25.4K from -13.6K.


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