The US dollar is firm pretty across the major FX board, with the uncertainty over tariffs widely cited as keeping riskier trades out of the spotlight.
Cable is no exception, trading heavily during Asia time
A report earlier isn’t helping. The Confederation of British Industry’s quarterly survey of services firms showed that profitability among business and professional firms fell to -37 in the three months to February
- fastest drop since August 2020
- down from -32 in the previous quarter’s survey
CBI comments:
- businesses are grappling with the rise in employment costs from measures in the autumn budget
- underlying demand conditions remain weak
- the much deeper weakness in consumer services firms points to a cautious spending mindset among households