Currency News: UK daily forex news and forecasts

GBP/JPY Exchange Rate Rangebound as Outlook Improves for Japanese Economy The Pound to Japanese Yen exchange rate held steady today, with the pairing currently fluctuating around ¥142.000. The Japanese Yen benefited from news that Japan’s economy could recover to levels seen before the Covid-19 pandemic as early as this March. Bank of Japan (BoJ) Governor Haruhiko Kuroda explains: ‘Both fiscal and monetary policies...

US Dollar (USD) Supported by US Stimulus Concerns After initially falling through today’s Asian session, the safe-haven US Dollar (USD) was able to claw back its losses against the Pound (GBP) during the European trading session amidst a souring of market sentiment. This comes in response to growing concern about Joe Biden’s ability to push his ambitious $1.9 trillion stimulus package through Congress. Hopes for...

Despite some broadly disappointing UK ecostats published at the end of the week, the British Pound to US Dollar (GBP/USD) exchange rate is still on track to end the week notably higher. Market sentiment has solidly improved after this week’s political events, so investors have even less reason to hold onto the safe haven US Dollar. As for the Pound though, its potential for further gains is limited as the domestic coronavirus...

The GBP/EUR exchange rate dived this morning on disappointing retail sales data and the UK Services PMI hitting an 8-month low. The pair is currently trading at around 1.2381. Pound (GBP) Slips on Back of Data Releases The Pound lost its footing this morning as disappointing data releases scuppered Sterling movement. Although retail sales managed to edge to 0.3% in December from a -4.1% contraction in November, the...

Pound South African Rand Exchange Rate Rallies as SA Retail Sales Tumble As South African retail sales contracted further than forecast in November this helped to boost the Pound Sterling to South African Rand (GBP/ZAR) exchange rate. A -4% drop in sales on the year suggests that confidence among consumers remained limited during the fourth quarter, keeping the South African Rand on the back foot. Growing worries over the...

Foreign exchange market appetite for the Pound has been improving today, but the British Pound to Canadian Dollar (GBP/CAD) exchange rate has been unable to sustain much in the way of fresh gains. This is because the latest developments in politics and global sentiment have been seen as widely optimistic, and are making investors confident enough to take currencies more correlated with risk and trade. After opening this week...

GBP/EUR Exchange Rate Strengthens as UK Inflation Rises The Pound to Euro (GBP/EUR) exchange rate picked up sharply as the headline UK inflation rate bettered forecasts for December. As the inflation rate strengthened from 0.3% to 0.6% on the year this encouraged investors to buy back into the Pound, betting that the Bank of England (BoE) will not take any imminent policy action. With inflation beginning to pick back up...

Despite anticipation for a better outlook for the US economy under the upcoming Joe Biden administration, the British Pound to US Dollar (GBP/USD) exchange rate has still been advancing today. Investors bought the Pound in reaction to this morning’s better than expected UK inflation data, combined with hopes that Britain’s coronavirus outlook will improve as vaccines continue to be rolled out. Any surprising developments in US...

GBP to AUD Exchange Rate Steady as UK Shoppers Returned to High Streets in December The Pound to Australian Dollar exchange rate held steady today. The pairing is currently fluctuating around AU$1.76. Sterling rose against AUD today following the release of the latest UK inflation data for December, which jumped as shoppers returned to the high streets last month. The UK’s CPI data for December beat forecasts and rose by...

Pound Euro Exchange Rate Under Pressure as German Economic Sentiment Strengthens A better-than-expected uptick in the German ZEW economic sentiment index saw the Pound to Euro (GBP/EUR) exchange rate trending lower. While forecasts had pointed towards a reading of 60 the index instead clocked in at 61.8, suggesting that sentiment picked up significantly at the start of the year. This encouraged a greater sense of...