Latest Currency News Continued - page 75

Pound (GBP) Drops Sharply as BoE Announce 25bps Rate Hike The Pound (GBP) is sliding further today after the Bank of England (BoE) announced an expected 25bps interest rate hike today, bringing its main rate to 1.25%, the highest in 13 years. With a unanimous 9-0 vote on a rate hike, the nine-member Monetary Policy Committee (MPC) voted 6-3 for a 25bps rise, with three policymakers calling for a larger 50bps increase. The...

US Dollar (USD) Softens ahead of Fed Rate Hike The US Dollar is subdued against most of its peers today as investors await the Federal Reserve’s highly anticipated interest rate decision tonight. A hotter-than-expected US consumer price index has bolstered expectations of a 75bps hike, a third consecutive rate hike. With the inflation rate unexpectedly rising to a 40-year high last month, USD investors have hastily...

Pound Canadian Dollar (GBP/CAD) Exchange Rate Climbs Despite BoE Rate Hike Concerns The Pound Canadian Dollar (GBP/CAD) exchange rate is seeing a boost today amid a fall to crude oil prices. Prices for the commodity are tumbling amid demand fears and potential supply shortages. Major gains for the currency pair could be limited however as investors pare back their bets on a move aggressive move from the Bank of England...

Pound Euro (GBP/EUR) Exchange Rate Falls amid NI Protocol Fears The Pound Euro (GBP/EUR) exchange rate is slipping lower today. Disappointing UK unemployment figures may be limiting gains for the currency pair today, as well as concerns over the Northern Ireland Protocol. A rise to Germany’s May inflation figures may also be pulling the exchange rate lower. On the other hand, a return of risk appetite may be helping to...

GBP/EUR Exchange Rate Weakens on GDP Shock The Pound Euro (GBP/EUR) exchange rate is sliding down this afternoon, following a weak GDP release from the UK this morning. Against its other peers, the Euro (EUR) is also succumbing to some downside amidst a lack of EU data. At the time of writing, GBP/EUR is trading at €1.1651, down 0.5% from today’s opening levels. Pound (GBP) Depressed by April’s Economic...

Pound Euro (GBP/EUR) Exchange Rate Rangebound amid Euro Sell-Off The Pound Euro exchange rate (GBP/EUR) is trading within a narrow range today. The currency pair may be seeing significant upward momentum limited by multiple factors weighing on Sterling however. Faltering confidence in Prime Minister Boris Johnson, Northern Ireland Protocol tensions, and a poor forward outlook may all be pulling the exchange rate lower...

US Dollar (USD) Firms ahead of CPI Data The US Dollar (USD) remains resilient today as investors eagerly await the release of May’s consumer price index as a cautious mood prevails. Analysts expect this afternoon’s CPI figures to report headline US inflation remained at 8.3% last month, with the core CPI to fall to 5.9% from 6.2%. The drop in core inflation could trigger USD investors to rethink Federal Reserve rate hike...

The Euro (EUR) Buoyed ahead of ECB Decision The Euro (EUR) is gathering momentum today ahead of the European Central Bank’s (ECB) policy meeting later today. The ECB is still expected to stay the course and leave interest rates on hold this month. The focus will instead be on ECB President Christine Lagarde, as she outlines the bank’s plans for future rate hikes. Market experts are expecting the ECB to begin their...

GBP/CAD Muted as Shanghai Returns to Lockdown The Pound Canadian Dollar (GBP/CAD) exchange rate is trading in a narrow range this morning amid the threat of fresh lockdowns in Shanghai, weighing on oil prices. Meanwhile, the Pound (GBP) is subdued amid UK political uncertainty. At the time of writing, the GBP/CAD exchange rate is trading at approximately CA$1.57, virtually unchanged from this morning’s opening...

Pound (GBP) Stutters amid Political Uncertainty The Pound (GBP) is facing renewed headwinds today as both Brexit concerns and political chaos return. Despite Prime Minister Boris Johnson narrowly winning the confidence vote on Monday, the growing number of critics was hard to ignore. GBP investors fear this could be the beginning of the end for Johnson’s three-year tenure, as previous ‘winners’ of no-confidence votes...