Latest Currency News Continued - page 73

Pound (GBP) Under Pressure from Renewed Brexit Troubles The Pound (GBP) is softening against its rivals today as the Northern Ireland protocol bill passes its first parliamentary vote as the UK intends to scrap part of the deal. Plans to unilaterally alter the Northern Ireland protocol, a move that has drawn criticism from not only the EU, but from several oppositions across the world, has now edged closer to being...

GBP/EUR Exchange Rate Weakens Following Rebound The Pound Euro (GBP/EUR) exchange rate is levelling this afternoon following a rebound as US data impressed. As the US economy is the world’s largest, positive American data buoys global risk sentiment and lent GBP tailwinds. At the time of writing, GBP/EUR is trading at €1.1607, down 0.2% from today’s opening levels. Pound (GBP) Firms on US Data, Subdued by...

Pound (GBP) Wavers amid Social and Political Unrest The Pound (GBP) is trading in a narrow range against most of its peers today as the ongoing political and social unrest in the country is weighing heavily on Sterling. Adding to the social unrest caused by the escalating cost-of-living crisis, barristers are walking out and striking across the UK due to pay and working condition disputes. Following on from the UK’s...

Pound (GBP) Subdued as Poor Retail Sales Compound Inflationary Pressures The Pound (GBP) is muted today as the Office for National Statistics (ONS) released the retail sales for the month of May, where the UK saw a drop of 0.5%, or 0.7% excluding fuel. As the cost-of-living rises, household budgets have been hit hard, with consumers reining in their spending. The biggest drop came in food stores which saw a fall of 1.6% MoM...

Pound (GBP) Pressured by Political Instability and Recession Fears The Pound (GBP) saw a brief uptick against the Australian Dollar (AUD) in the overnight session before dropping this morning. Ongoing concerns over inflationary pressures and the impending byelection is weighing on the Pound today. After UK inflation hit 9.1% YoY in May, a 40-year high, concerns continue to grow about an impending global recession. Despite...

Pound (GBP) Drops Sharply as Inflation Hits New 40 Year Highs The Pound (GBP) took a nosedive today as soaring living costs and record high petrol prices fuel inflation propelling the UK’s consumer price index to its highest level since 1982. The CPI figures printed at 9.1% up from last month’s 9%. The latest rise in inflation exacerbates the UK’s cost-of-living crisis. The soaring prices of petrol and diesel were...

Pound Euro (GBP/EUR) Exchange Rate Edges Lower amid Hawkish ECB The Pound Euro (GBP/EUR) exchange rate is trending lower today. A downturn to UK manufacturing growth may be limiting gains for the currency pair, although expectations of further Bank of England (BoE) rate hikes could be underpinning the exchange rate. Additionally, hawkish comments from European Central Bank (ECB) policymakers could also be pulling GBP/EUR...

Pound (GBP) Trades Narrowly amid Recession Fears The Pound (GBP) is muted today as speeches from the Bank of England (BoE) failed to boost investor’s sprits ahead of a potential recession. BoE Chief Economist Huw Pill said today that the central bank will be ready to act if inflationary pressures continue to take its toll on the UK economy: ‘We will do what we need to do to get inflation back to target. And at least...

GBP/EUR Exchange Rate Weakens in French Election Aftermath The Pound Euro (GBP/EUR) exchange rate sloped gently lower today, despite a degree of political uncertainty in the bloc following the loss of French President Emmanuel Macron’s parliamentary majority. The presence of a risk-off market mood may have helped the Euro (EUR) to gain initial upside against the Pound (GBP). At the time of writing, GBP/EUR is...

Pound (GBP) Slips as Mounting Inflationary Pressures Stoke Recession Fears The Pound (GBP) dipped against the Australian Dollar (AUD) this morning as markets are increasingly unnerved by the prospect of a global recession. With the stock markets posting their biggest percentage decline in over two years, investors are concerned that central banks are likely to push the global economy into a recession. Hebe Chen, Market...