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The British pound (GBP) is primed for a mild rally against a weaker US dollar (USD) on Tuesday as traders turn their focus to the UK’s interest rates after the Bank of England (BoE) confirmed an additional hike. Deputy Governor of the BoE Dave Ramsden told the press that the bank plans to raise its […]
The British pound fell from a three-week high of 1.2090 against the dollar in the Asian session on Tuesday, after the US dollar racked up significant strength from rising safe-haven demand on recession worries. Sterling also suffered additional pressure from the ongoing political crisis in the UK. The pound lost against the dollar despite broad […]
UK inflation nudged higher in May, as was expected. The headline release rose to 9.1% YoY, up slightly from the 9.0% gain in April. On a monthly basis, CPI nudged higher to 0.7%, up from 0.6% in April. UK inflation nudges higher The fact that UK inflation accelerated and an inflation peak remains elusive is… […]
The British pound plummeted to a 13-month low against the euro on Tuesday, also falling below the 1.2000 mark against the dollar for the first time since March 2020 amid political tensions. Against the euro, the EUR / GBP pair soared to its highest point since early May, taking in 1.27% today alone. Sterling had […]
Cable holds in red on Tuesday, as dollar rose on month-end demand, while weaker than expected UK mortgage approvals data added to negative near-term tone. Traders also worry that soaring inflation may significantly hurt consumer demand that would further pressure pound. Daily momentum indicators turn south and stochastic emerges from overbought territory, generating initial negative… […]
The pound declined against its major counterparts in the European session on Tuesday, as the nation’s private sector growth slumped to its weakest level since March 2021 as high inflation and heightened geopolitical uncertainty dampened customer demand in May. Survey results from S&P Global and Chartered Institute of Procurement & Supply showed that the flash […]
The pound appreciated against its most major counterparts in the European session on Friday, as the nation’s retail sales grew unexpectedly in April despite consumer confidence sliding to a record low as soaring inflation boosted the cost of living further. Data from the Office for National Statistics showed that retail sales expanded 1.4 percent monthly, […]
The British pound continues to rally on Tuesday. GBP / USD is trading at 1.2463 in the European session, up 1.15% on the day. UK employment numbers sparkle The tight UK labor market is getting even tighter, as reflected in the March employment report. The unemployment rate fell to 3.7% (3.8% prior), below the 3.8% […]
The pound weakened against its major counterparts during the European session on Thursday, as the UK economy expanded at a slower pace in the first quarter and hot US inflation data intensified concerns about aggressive interest rate hikes by the Federal Reserve. Data from the Office for National Statistics showed that gross domestic product advanced […]
