Currency News: UK daily forex news and forecasts

Pound (GBP) Under Intense Pressure from Recession Fears The Pound (GBP) struggled for demand in the wake of the Bank of England’s (BoE) biggest rate hike in 27 years. Despite an apparent hawkish hike, the concerning undertones were confirmed in the press conference that followed the central bank’s decision to raise rates to 1.75%. BoE Governor Andrew Bailey immediately followed the decision by outlining the numerous...

Pound Euro (GBP/EUR) Exchange Rate Drops after BoE Interest Rate Decision The Pound Euro (GBP/EUR) exchange rate fell on Thursday after the Bank of England (BoE) rose interest rates by 0.5%. Despite this, forecasts of higher inflation and the possibility of a fourth quarter recession for the UK likely contributed to the currency pair’s fall. A weaker US Dollar (USD) may have also pulled the pair lower, as well as an...

Pound (GBP) Plummeted Despite Substantial Interest Rate Hike The Pound (GBP) suffered substantial losses as the Bank of England (BoE) issued a concerning assessment of the UK economy. Despite raising interest rates by the fastest rate in 27 years, the central bank also warned that the UK economy is headed straight for a recession by the end of the year. In a statement accompanying the rate hike to 1.75%, the BoE...

Pound (GBP) Firmed Despite Drop in Service Sector Growth The Pound (GBP) saw mixed success against its rivals as a downward revised 52.6 from an expected 53.3 edged the services sector ever closer to stagnation. The softest expansion in the sector in 17 months was due to soaring inflationary pressures having a direct impact on consumer spending. Operating costs and average prices surged, as the cost-of-living squeeze compounded...

Pound US Dollar Exchange Rate Drops ahead of BoE Interest Rate Decision The Pound US Dollar (GBP/USD) exchange rate slipped on Tuesday amid a prevalent risk-off trading sentiment. A poor outlook for the UK economy as well as subdued bets ahead of the Bank of England’s (BoE) interest rate decision may have also pulled the currency pair lower. GBP/USD may have seen support from the Federal Reserve’s cautious tone,...

Australian Dollar (AUD) Tumbled amid Dovish Turn from RBA The Australian Dollar (AUD) plummeted despite the Reserve Bank of Australia (RBA) delivering the third straight 50bps interest rate hike at its latest policy meeting. Souring the market mood was the dovish turn from the RBA emanating from their monetary policy statement. The fourth rate hike in a row is the central bank’s fastest tightening action in almost three...

The Euro (EUR) Subdued as Downbeat Data Exacerbates Recession Fears The Euro (EUR) is struggling to find demand today as downbeat data compounds growing inflationary pressures. German retail sales unexpectedly declined in the month of June, as they missed forecasts of a 0.2% increase. Rising living costs are having a direct impact on consumer’s ability to spend. With the largest drop in clothing with a 5.4% decrease, and...

Pound Canadian Dollar (GBP/CAD) Exchange Rate Drops amid Oil Price Rally The Pound Canadian Dollar (GBP/CAD) exchange rate is slumping today in the face of strong gains for crude oil. The currency pair may also be seeing losses as the UK’s ‘summer of discontent’ sees more and more industrial action. On the other hand, hawkish bets on an above-forecast rate hike from the Bank of England (BoE) may be limiting major...

The Euro (EUR) Rallies on Surprisingly Upbeat Economic Growth The Euro (EUR) is firming despite higher-than-expected inflation. Encouraging economic growth data from around the Euro area is lending considerable support to the single currency. A flurry of crucial data from around the Euro area threatened to sink the Euro as market forecasted a turbulent wave of negativity. Inflation for the Eurozone ticked up higher than...

Pound US Dollar (GBP/USD) Exchange Rate Tumbles amid Risk-Off Mood The Pound US Dollar (GBP/USD) exchange rate is falling today amid a risk-off market mood. The promise of further industrial action in the UK may also be weighing on the currency pair. On the other hand, major losses for GBP/USD could be limited by a downturn to US GDP growth. The figures have pushed the country’s economy into a ‘technical...