We apologise for any inconvenience caused. The time series affected are: BOXT, BPIT, BQAN, ELBD, BOXV, PBIV, BOVT, BPGT, BOVU, BPGU, BOVV, BPGV. This was due to a processing error and does not affect any other series or aggregates in the MRETS dataset or the UK trade statistical bulletin. View superseded versionĪn error has been found in the trade in goods excluding oil, trade in goods excluding erratics and trade in goods excluding oil and erratics chained volume measures (CVMs) for the period January 2017 to March 2018 and related implied deflators (IDEFs) for the period January 1998 to March 2018 published on 10 July 2018. You can see all previous versions of this data on the previous versions page. The price series have now been corrected and ONS apologises for any inconvenience this may have caused. This had no impact on any other series or commentary in the UK trade: March 2018 publication. The error impacted the trade in goods excluding oil and erratics import price index (series ELBA) for the period January 2018 to March 2018 in Table 3, the trade in goods excluding oil and erratics import price index growth rate in Table 4 and the trade in goods excluding oil and erratics import price indices for EU and non-EU (series SHCM and SHEB) in Table 6. View superseded versionĪ small error in the trade in goods excluding oil and erratics import price indices occurred in the UK Trade: March 2018 publication tables and related time series dataset due to a processing error. The series have now been corrected, we apologise for any inconvenience. This does not affect any other series or aggregates in the MRETS dataset or the UK trade statistical bulletin. This affects the series BQHS, BQHQ, CLAS and CLAK for all time periods. These could see GBP/EUR strengthen if the UK’s private sector continues to outperform the Eurozone’s.An error has been found in the August 2017 Trade in goods MRETS (all BOP EU 2013) timeseries dataset. The Pound Euro exchange rate will also be influenced by the latest PMIs from both the UK and Eurozone. If inflation falls back to single digits this could also ease pressure on the BoE to continue raising rates. The publication of the UK’s consumer price index on Wednesday could also sap Sterling sentiment this week. If the BoE opts to leave rates on hold the Pound could plummet. The recent bank sector chaos raises questions over the BoE’s impending interest rate decision. However bank shares continue to fall, piling fresh pressure on the Euro. A ‘rescue deal’ which will see Credit Suisse acquired by rival UBS has been welcomed by central banks. Three Things to Watch out for This WeekĮuropean bank shares are under fresh selling pressure at the start of this week. Before firming after Chancellor Jeremy Hunt claimed the UK will avoid a recession in 2023 as he unveiled his Spring Budget. Sterling wobbled in response to a weaker-than-expected wage growth figures. An easing of Fed rate hike bets dampened concerns over potential policy divergence with the Bank of England (BoE). The bank crisis’ impact on Federal Reserve rate hike expectations lent support to Sterling. The Pound (GBP) was not immune to the banking sector crisis but fared better than the Euro last week. While the ECB ultimately opted to pursue another 50bps hike, the Euro was dented by subsequent comments ECB President Christine Lagarde indicated future hikes would be data-dependent. The chaos cast a shadow over the European Central Bank’s (ECB) latest interest rate decision. Shares in European banks nosedived amid contagion fears after shares in Swiss banking giant Credit Suisse crashed 30% to a record low. The Euro (EUR) faced notable headwinds last week as the European banking sector was plunged into crisis. Last Week: Pound Euro Rallies amid European Bank Share Rout A banking sector crisis in Europe accounting for the bulk of these gains. The Pound Euro (GBP/EUR) exchange rate spiked to a three-month high last week.
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