Sterling remains in the balance – will growth figures strengthen the pound?
Sterling remains in the balance – will growth figures strengthen the pound?
Sterling exchange rates have remained relativity balanced this week. The pound was boosted against the dollar last week following a ‘dovish’ hike from the Federal Reserve. The Bank of England also raised rates which helped support the pound against the euro. Following the latest release of services and manufacturing PMI data, GBPEUR has been range bound between 1.1340 – 1.14. Cable (GBPUSD) has been a little more positive for sterling sellers reaching highs...
Will the Bank of England help or hinder sterling exchange rates?
Will the Bank of England help or hinder sterling exchange rates?
Last night the US federal reserve raised interest rates by 25-basis points against a backdrop of financial instability in the US banking sector. US interest rates are now at the highest since 2007. At the start of the week many had expected the Fed to hold rates at their March meeting. The SVB banking failure caused concern throughout the sector and further interest rate rises could inflict more pain on troubled banks.
Cable (GBPUSD) benefitted...
Will the Pound strengthen this week?
The Pound reached multi-week highs last week after Chancellor Jeremy Hunt did his best at calming the markets with his Spring Budget release on Wednesday.
The capturing headline that the UK will not enter a technical recession this year’, as well as expectation of growth in the years afterwards, boosted the Pound heading into what could also be a volatile week.
The Bank of England will announce the next steps forward in terms of interest rates on Thursday, as the Monetary Policy Committee meet. Catherine Mann,...
Sterling hits two-month highs – how will today’s ECB decision impact rates?
Sterling had one of its most positive sessions of the year against the euro during yesterday’s trading. The pound hit two-month highs against the single currency following positive comments from Chancellor of the Exchequer Jeremy Hunt.
Hunt was in parliament to deliver the UK budget (Government Fiscal Plan) for 2023 and announced that the UK would avoid a recession in 2023. Hunt’s comments will not come as a surprise for many market analysts after a recent stream of positive or less than negative economic data...
Sterling, Euro & US Dollar news this week
Pound, Dollar & Euro news this week
The Pound started last week falling against both the Euro and Dollar but rallied towards the end of last week, will this continue ?
Dollar strengthened against the Pound to start last week after hawkish comments from the federal reserve (FED) chair Jerome Powell.
On Tuesday the 7th of March Powell stated, “The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated”.
This aggressive...
Sterling under pressure against the euro and dollar – will the pound weaken further?
Sterling under pressure against the euro and dollar – will the pound weaken further?
Sterling exchange rates have once again come under pressure following comments from Fed chairman Jerome Powell and Bank of England member Catherine Mann regarding future interest rate policy.
GBPEUR is trading within range of the 5-month low, which makes now an opportune time for euro sellers. A transfer of €100,000 is buying £3500 more vs the 5-month high for GBPEUR. Cable (GBPUSD) has also clawed back and is very close to the...
Sterling loses positive gains – will the pound continue to weaken?
Sterling loses positive gains – will the pound continue to weaken?
Sterling exchange rates plummeted during yesterday’s trading session as negative sentiment surrounding the UK’s economy continues to weigh on the currency. Less than 24 hours prior, the pound was trading at 4-week highs against the single currency.
The pound had been boosted by the announcement that the UK and EU had reached a deal over trading arrangements in Northern Ireland known as the Windsor framework. Since the Brexit vote in 2016 the pound has lost...
Sterling softens following fall in UK inflation – where will the pound go next?
Sterling softens following fall in UK inflation – where will the pound go next?
UK inflation data released yesterday morning caused a large scale sell-off of the pound. GBPEUR had climbed to two-week highs prior to the announcement and cable was back trading in the 1.21 handle. However, both pairings are trading more than a cent lower at the open this morning.
Inflation figures revealed a fall in both CPI (Consumer Price Index) and core CPI data. The headline figure fell from 10.5% to 10.1% vs...
Sterling improves following NIESR report – where will the pound go next?
Sterling improves following NIESR report – where will the pound go next?
The pound enjoyed a more positive session yesterday following the release of the NIESR’s (National Institute of economic and social research) economic forecast for the UK in 2023. Their research contradicts the predictions that have come from the Bank of England for a lengthy recession and forecasts that the UK will avoid a technical recession in 2023.
Sterling was buoyed by the news which moved GBPEUR to a 7-day high, raising the rate from...
Pound weakens as markets wait for key central bank meetings
Pound weakens as markets wait for key central bank meetings
Sterling closed yesterday’s session softer across the board as markets eye the eagerly anticipated Bank of England and European Central Bank interest rate decisions. Last night, the Federal Reserve in the US announced they would raise interest rates by 25-basis points to 4.75%. The announcement was followed by a statement by the Fed chair Jerome Powell who suggested their current rate hike cycle was coming to an end. The Fed believe the deflation process has...
