It would appear that the UK economy is holding its own inspite of the post-Brexit effect on equities and the Pound. Employment figures have been solid all through Q3 (averaging 170k) while retail sales and the Composite PMI have recovered following dips in the immediate post-Brexit weeks. However, until we see Q3 inflation indicators (core CPI and PPI) we can't fully gauge the direction of the economy. Manufacturing PMI might have been boosted by the weaker pound which happens to be a double -edged sword. Analysts are calling for marked inflation in the coming months due to the Pound's weakness putting pressure on import prices. This in turn can lead to a delayed effect only becoming apparent as manufacturers exhaust their stock of raw materials (purchased before June) and having to pay more due to the weak Pound. I won't be surprised if the Pound continues to demonstrate weakness against other major currencies in the coming months. However, at present, it looks set for a short term recovery which should be regarded as sell opportunities rather than chances to buy in the long term.
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