The focus of the beginning of the week was directed to publish the report of the Office of the Budget on Monday. Management is of the view that the economy can move through and the impending fiscal tightening, although it has revised the growth for next year down from 2.4% to 2.1%. Although at the moment the market seems to offer the authorities the presumption of innocence, as we mentioned before, there is considerable uncertainty regarding the impact of fiscal policy and rate of monetary policy. These factors increase the volatility of the pound and are likely to continue to act in the same manner at the beginning of next year. However, while the pound is sandwiched between a good habit to the dollar (the level of 1.55 with respect to the cable) and the continued downward pressure on the euro, which came to a level at 0.84 on Tuesday, which is a ten week minimum. Night data on consumer confidence showed a moderate decline within the past six months, because there is no reason for concern.
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