Analysts at Scotiabnk explained that the UK data reports were mixed.
Key quotes:
“UK data reports were mixed earlier; house prices remained soft in May, according to the “Nationwide” house price index (-0.2% M/M) while consumer credit demand remained strong.”
“The Gfk consumer confidence reading strengthened modestly (-7) while the Lloyds Business Barometer also perked up in May (35). Gfk noted, however, that respondent remain “resolutely downbeat on the state of the UK economy”, with Brexit uncertainty a likely culprit.”
“A high close on the week will help relieve some of the recent pressure on the GBP but the broader trend in the market remains soft and the GBP is prone to weakness while the market remains below 1.3715, we feel.”
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