In anticipation of this week’s UK government budget, the pound (GBP) climbed to its highest level in almost three months against the US dollar (USD) on Tuesday, partly as a result of the tension mounting on the dollar. Sterling increased by as much as 2% against the dollar to reach its highest level since late […]
Investor attention was on US inflation data and the midterm elections on Tuesday, which caused the British pound (GBP) to decline while the dollar (USD) soared. That said, the October consumer price index (CPI) will be released on November 10 and will likely shake the market. Investors from around the world will closely examine it […]
On Monday, the risk-on mood prevailed throughout markets, with European stocks soaring on persisting hopes China could relax COVID rules. As a result, the euro (EUR) and sterling (GBP) appreciated versus the safe-haven U.S. dollar (USD). According to a survey released on Monday, investor sentiment in the eurozone climbed in November for the first time […]
After losing 2% as a result of the Bank of England’s (BoE) highest interest rate hike in three decades, the pound rebounded on Friday but was still on track for its greatest weekly loss in six weeks. Pound Records Worst Weekly Decline Against the Dollar Since Truss’ Era The pound was trading at $1.1236, up […]
As Britain’s new Prime Minister, Rishi Sunak, convened his first cabinet meeting on Wednesday amid rumors that he could postpone the release of a plan to fix the nation’s public finances, the pound rose to six-week highs. Sunak came into office on Tuesday, promising to correct his predecessor’s errors and restore economic stability while warning […]
As traders anticipated a perhaps less aggressive Federal Reserve, the U.S. dollar fell to lower levels in the North American trading session on Tuesday. Sterling gained from the elevated risk mood as Rishi Sunak got ready to become the next prime minister of Britain. The Dollar Index, which measures the value of the dollar against […]
In response to Rishi Sunak’s victory in the contest to become the next prime minister, the pound recovered from session lows, and gilt prices rose on Monday, providing investors more assurance in the stability of the British economy. In a tumultuous session that began with Sunak’s challenger Boris Johnson pulling out of the leadership race […]
The British pound dropped on Wednesday as investors weighed the prospects for interest rates following the elimination of the majority of the government’s “mini-budget” as statistics revealed that rising food costs drove British inflation into double digits last month. The pound was down 0.7 percent against the dollar at 1.12240 as of 11:30 GMT and […]
Following news of a potential U-turn by the UK government on its budgetary policies, the Sterling (GBP) jumped to a one-week high until robust US inflation data tempered some of those gains. that said, the pound maintained a steady bias despite raging market dynamics on Thursday. After Sky News reported that the British government is […]
