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2025-09-12 15:07:43
[The British pound hovered around $1.35, with weak economic data weighing on market activity.] ⑴ The British pound remained stable against the US dollar near $1.35, essentially unchanged from last week. ⑵ Latest data showed a weak start to the UK economy in the third quarter: GDP stagnated in July as expected, with industrial output unexpectedly falling by 0.9%. ⑶ Data suggests that tax increases and tariffs are continuing to weigh on household and business economic activity. ⑷ Chancellor of the Exchequer Rachel Reeves plans to announce further tax increases in November to plug a new multi-billion-pound budget shortfall. ⑸ The Bank of England will hold its monetary policy meeting next week and is expected to maintain interest rates after its August cut. ⑹ Market focus has shifted to the Bank of England's meeting on November 6th, just before the budget, with most traders still expecting another rate cut.
