Wednesday, 15 August, 2018

Sterling surges as BoE flags earlier rate rise

GETTYThe pound is struggling to advance against the US dollar GETTYThe pound is struggling to advance against the US dollar
Johnnie Parks | 10 February, 2018, 02:21

"With the economy seemingly now on a firmer footing, borne out by a modest upgrading of the 2018 GDP growth forecast in the Inflation Report and slack limited and diminishing, the MPC believes there is a reduced case to tolerate above target inflation".

"As such, while the Bank of England is clearly hinting at the potential for a May rate hike, we remain cautious on the longer term path for rates, particularly given the Brexit-related uncertainty".

The Bank of England made a decision to stand pat on rates on "Super Thursday" as widely expected, but hinted at somewhat earlier- and deeper-than-expected rate hikes.

Read: Is the eurozone out of the debt crisis?

The Bank of England raised interest rates for the first time in a decade in November and said today that it now thought the next hike needed to come a bit more quickly than it thought then.

The cheap pound has boosted exports and raised dividends for British multinationals, but it has also hit consumers hard by rising food and fuel costs and denting real income.

The bank commented that if the United Kingdom economy grows as expected, monetary policy will have to be tightened somewhat earlier and by somewhat more than it was expecting last November. Manufacturing production for December was, however, in line with expectations, growing 2%. It includes an assumption that Britain will be able to get "a smooth adjustment" to a new trading relationship with the EU.

GETTYThe pound US dollar exchange rate is currently at around $1.139
GETTYThe pound US dollar exchange rate is currently at around $1.139

In the more immediate future, the Pound could face turbulence in trading against the Australian Dollar on 13 February when United Kingdom inflation data is released.

Britain is due to leave the European Union in March 2019.

The governor of the Bank of England (BoE) warned on Thursday that interest rates would rise sooner than markets expected.

The comment came on the back of a higher growth forecast, with the Bank expecting an average annual expansion of 1.75% over the next three years. "That was a clear message from the bank that the (interest rate) curve was a little too flat for their liking".

Against the euro, the pound rallied more than 1.2 percent, its best one-day performance in almost five months, to a one-week high of 87.32 pence before falling back. That is expected to push up inflation, according to the Bank.

The UK benchmark index has fallen deep into the red in today's session, following a downbeat lead from the USA, staying firmly in negative territory following the Bank of England's (BoE) rate decision and inflation report. The rate-setting committee said that it now wanted inflation to return to target over a "more conventional horizon" of two years, rather than three.

Meanwhile, the bank nudged up its inflation expectations, based on market interest rates, in one year, two years' and three years' time.

Uber reaches almost quarter billion dollar settlement with Waymo as trial dismissed
Still, Uber sees this as a big win, especially since it clears the deck for the company ahead of its expected public offering. The settlement caps a week of contentious proceedings, including testimony from embattled former Uber CEO Travis Kalanick .


Thousands of air travelers delayed as snowstorm hits upper Midwest
Eight inches was reported in parts of northern IL and up to about 6 inches was reported the Chicago area. More than 200 flights were also canceled Friday morning at Detroit Metropolitan Airport.


Three law enforcement officers shot in Georgia
The officer killed was identified as Chase Maddox , 26, the Georgia Bureau of Investigation said in a Twitter message. Images on local television showed police tape around two homes in a cul-de-sac of a Locust Grove subdivision.


Recommended

  • In Breakthrough, Scientists Grow Human Eggs to Maturity

    In Breakthrough, Scientists Grow Human Eggs to Maturity

    The new research offers a way for eggs to be extracted, grown and used, without the need to re-implant the tissue. Egg cell maturation is the process in which human egg cells develop to a stage where they can be fertilised.
    PM Modi Likely To Announce Super-Specialty Hospital In Palestine Today

    PM Modi Likely To Announce Super-Specialty Hospital In Palestine Today

    The Palestinian Presidency, in a pre-arrival welcome statement, has described the upcoming visit as "historic and significant". India-UAE ties were elevated to that of a Comprehensive and Strategic Partnership during Modi's visit in 2015.
    All The Best Deals For National Pizza Day

    All The Best Deals For National Pizza Day

    Before you order, consider this: A study from food delivery provider Foodler determined the most popular pizza toppings. This West Coast pizza chain is giving away one free personal pizza per person when you buy a Pepsi fountain drink.
  • Egypt army announces major operation in Sinai, Nile Delta

    Egypt army announces major operation in Sinai, Nile Delta

    Even as Egypt's military claims to have killed more than 2,500 militants, the attacks have spread to other parts of the country. In a later update, he said the air force had targeted a number of homes and hideouts in the north and west of the Sinai .
    CDC reports flu season is similar to 2009 swine flu

    CDC reports flu season is similar to 2009 swine flu

    According to CDC experts, antiviral drugs are most effective when taken within the first 48 hours of symptoms being shown. There were also an additional 10 pediatric deaths reported, bringing the total to 63 pediatric deaths this flu season.
    Yum! Brands, Inc. Stock Rises After Q4 2017 Earnings Results

    Yum! Brands, Inc. Stock Rises After Q4 2017 Earnings Results

    The stock has settled 5.18%, since the beginning of the year when measuring the initial price as compared to the finishing price. The company expects to generate revenue in the range of $960 million in FY2018, compared to $683 million in the previous year .
  • Mahindra EV range leads charge at stall during Auto Expo 2018

    Mahindra EV range leads charge at stall during Auto Expo 2018

    The company also showcased technological advancement in electric and hybrid technology with global technological marvel Ioniq. The vehicle is also equipped with i3S (idle-start-stop tech) that, up until now, was seen only on Hero motorcycles.
    Wall Street gaining as volatility eases

    Wall Street gaining as volatility eases

    But with a strong economy comes concern over inflation and rising interest rates, which can affect corporate profits. Brent crude, used to price global oils, lost 58 cents to $64.23 in London.
    New York Times Digital Subscriptions Drives Revenue Gains

    New York Times Digital Subscriptions Drives Revenue Gains

    Digital subscription revenue increased 51 percent for the quarter, to $96 million, and 46 percent for the year, to $340 million. Still, it's worth keeping in mind that Facebook's market cap is more than $500 billion; Alphabet's is more than $700 billion.
  • We Need To See Season Through - Chelsea Star Hopeful Of Winning Trophy

    We Need To See Season Through - Chelsea Star Hopeful Of Winning Trophy

    He signed a two-year extension last year but a disappointing campaign this season could see him dismissed. One player who has been a constant for the past 5.5 years has been Eden Hazard .
    Apple's TV App Adds Direct Access to Live News Channels

    Apple's TV App Adds Direct Access to Live News Channels

    On the main "Watch Now" tab, if you scroll past your "Up Next" queue and the top recommendations, there's a new "News" section. If the app hasn't been installed on your phone, tablet or Apple TV, you will be prompted to install it from the App Store.
    Facebook answers calls for a dislike button with 'downvote' feature

    Facebook answers calls for a dislike button with 'downvote' feature

    Instead, Facebook built the Reactions options that let you respond to posts and comments with love, wow, haha, sad or angry emoji. Facebook's most recent addition to help expressing opinion was in 2016, when the company implemented reactions .

Trump frustrated with Hicks' role in Porter scandal Trump frustrated with Hicks' role in Porter scandal Kelly says a senior aide's resignation came within an hour of learning about new accusations of spousal abuse. Holderness' accusation followed a similar claim made by Porter's second wife, Jennifer Willoughby, on Tuesday.

Olympic Hockey 2018: Latest Odds for Team USA, Canada and More Countries Olympic Hockey 2018: Latest Odds for Team USA, Canada and More Countries Facing Canada again is a tantalizing prospect, but Duggan said the Americans aren't looking beyond their opener against Finland. But some of her earliest memories aren't the best. "I've never seen a team win a championship based off of paper", Roe said.

Police identify theft suspect from hand-drawn sketch as Hung Phuoc Nguyen Police identify theft suspect from hand-drawn sketch as Hung Phuoc Nguyen A witness provided a simple ID sketch to police - a cartoon drawing of a man with no eyebrows and small circles for eyes. But a few days later, police said the suspect had been identified as 44-year-old Hunt Phuoc Nguyen.

Philippines to cancel US$233 mil helicopter deal with Canada Philippines to cancel US$233 mil helicopter deal with Canada The country recently signed a deal with Canada to buy 16 Bell helicopters, which will be delivered early next year. We respect the stand of Canada", he said during a media briefing Friday morning.

California Lawmaker, Outspoken Leader Of #MeToo Movement, Accused Of Sexual Harassment California Lawmaker, Outspoken Leader Of #MeToo Movement, Accused Of Sexual Harassment As they talked she put her hand on his forearm, then moved her hand to his upper back and started stroking him lightly, he said. "Upon reflection of the details alleged, I am certain I did not engage in the behavior I am accused of", Ms.

Sexy shirtless Tongan hunk Pita Taufatofua grabs Olympic attention again Sexy shirtless Tongan hunk Pita Taufatofua grabs Olympic attention again The opening ceremony saw plenty of fireworks, but one person stole the show and captured the hearts of millions around the world. Taufatofua told the Olympic Channel last month that he qualified for the Pyeongchang Games in a last-ditch attempt in Iceland.

Lawmakers promise new districting map Lawmakers promise new districting map Meyer says Democrats have already recruited as many candidates as they did in 2016. New districts will likely increase Democratic chances to win several seats.

Eurostar launches new London-Amsterdam service Eurostar launches new London-Amsterdam service This means passengers will have to change at Brussels, leaving the return journey time at an estimated four hours and 49 minutes. Our new route marks the culmination of the extensive investment in high speed rail on both sides of the Channel.

McIlroy's outlook on golf matches climate at Pebble McIlroy's outlook on golf matches climate at Pebble This is the second tournament of the year that features the top three players in the world: Dustin Johnson , Jon Rahm and Spieth. Looming is the Masters in two months, the major McIlroy lacks for the career Grand Slam.

Myanmar Forces and Buddhist Villagers Torched Rohingya Homes, then Killed Myanmar Forces and Buddhist Villagers Torched Rohingya Homes, then Killed That does not match any account of the killings that Reuters heard from paramilitary forces or local villagers. The images were provided by a Buddhist village elder, Reuters said.

Explosion hits mosque in Libyan city of Benghazi Explosion hits mosque in Libyan city of Benghazi A twin bombing attack in a mosque claimed the lives of two people and 55 other injured. The UN has been trying to mediate for years, hoping elections can help stabilise Libya.

Big flop show: SBI Q3 net loss at Rs 1887 crore Big flop show: SBI Q3 net loss at Rs 1887 crore SBI December quarter net profit is seen at Rs2,059.4 crore, according to a Bloomberg poll of 16 analysts. Fee income rose from Rs 4,710 crore to Rs 4,979 crore - a growth of 5.71 per cent.

Apple Source Code For iBoot Gets Posted Online Apple Source Code For iBoot Gets Posted Online Despite these assurances from Apple , some security experts have warned iPhone and iPad users to secure their devices. In 2004, for example, millions of lines of code were leaked for Microsoft's Windows NT and 2000 operating systems.

Vikings to hire Eagles QB coach John DeFilippo as new offensive coordinator Vikings to hire Eagles QB coach John DeFilippo as new offensive coordinator The Vikings will reportedly hire John DeFilippo as their new offensive coordinator according to ESPN's Adam Schefter on Thursday. DeFilippo served as the Cleveland Browns offensive coordinator in 2015, and also called plays at San Jose State in 2011.

Game of Thrones creators handed Star Wars project Game of Thrones creators handed Star Wars project They plan to get started on Star Wars when the final season of HBO's " Game of Thrones " is complete . The service is set to debut in 2019 and will likely include these new shows in its inaugural line-up.