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GBP still hinges on the Scottish referendum vote – BTMU

FXStreet (Edinburgh) - Lee Hardman, Currency Analyst at BTMU, assessed the scenario in the UK before the Scottish referendum.

Key Quotes

“The pound has strengthened modestly following the release of the latest public opinion poll ahead of next week’s Scottish referendum. The latest Survation poll for the Daily Record revealed that support for independence remained unchanged at 47% compared to 53% of support against independence”.

“A vote in favour of independence would require Scotland to run a tighter fiscal policy stance which is less supportive for economic growth”.

“BoE Governor Carney in a testimony to the Treasury Select Committee stated that Scotland would have to build up significant foreign exchange reserves equivalent to at least 25% of GDP or even higher still based the size and complexity of Scotland’s financial sector in order to continue credibly using the pound”.

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