Currency News: UK daily forex news and forecasts

The Pound posted sharp losses after the notably lower-than-expected UK inflation data. Markets priced in very close to a 100% chance of an interest rate cut at the November Bank of England (BoE) meeting. The chances of two rate cuts by the end of 2024 is now seen at near 70% and speculation over a larger 50 basis-point move in November has also increased which undermined the UK currency. According to Sanjay Raja,...

The Pound US Dollar exchange rate lost ground on Wednesday following the publication of the UK’s latest consumer price index (CPI). At the time of writing, GBP/USD was trading at approximately $1.3020, down roughly 0.4% from the start of Wednesday’s session. The Pound (GBP) plunged against the majority of its counterparts on Wednesday after the UK's latest inflation figures were released. The Office for National...

The Pound Euro (GBP/EUR) exchange rate took a tumble on Wednesday morning after a weaker-than-expected UK consumer price index saw markets increase bets on more Bank of England (BoE) interest rate cuts. At the time of writing, GBP/EUR traded at €1.1946, down 0.5% from the morning’s opening levels. The Pound (GBP) tumbled on Wednesday after a weaker-than-expected UK CPI reading intensified speculation about further...

UK wages data reinforced very strong market expectations that the Bank of England (BoE) would cut interest rates at the November policy meeting. The Pound to Dollar (GBP/USD) exchange rate dipped to 1.3035 before a recovery to 1.3070 as the dollar lost ground in global markets, although the overall range was little changed. The 1.3000 area remains crucial for the pair. According to UoB; “a breach of 1.3125 would...

The Pound Euro (GBP/EUR) exchange rate traded sideways on Tuesday following the publication of both the UK’s latest labour report as well as Germany’s most recent ZEW economic sentiment index. At the time of writing, the GBP/EUR was trading at around €1.1991, virtually unchanged from Tuesday’s opening levels. The Pound (GBP) maintained its ground against most currencies on Tuesday despite the UK’s latest...

The Pound to US Dollar (GBP/USD) exchange rate was mostly unchanged on Tuesday following the release of the UK’s latest employment data. At the time of writing, GBP/USD was trading around $1.3077. Virtually unmoved from Tuesday’s opening levels. The Pound (GBP) traded sideways on Tuesday as investors reacted to the latest UK jobs report. The Office for National Statistics (ONS) reported that UK unemployment...

Employment data in the UK was mixed and won’t swing market bias far from where it is already. Wage growth remains a hurdle to aggressive cuts from the BoE. CPI on Wednesday could be more important in shaping policy. Tuesday’s main event came early in the session with the release of the UK employment report. Headlines will focus on the drop in unemployment from 4.1% to 4.0%, which suggests the Bank of England...

The Pound to Euro (GBP/EUR) exchange rate has continued to consolidate around 1.1950, but with the potential for substantial moves this week amid a wave of market-moving events including key UK data and an ECB policy meeting. ING expects lower UK inflation and added; “This means that EUR/GBP could hold support at 0.8350 this week and retest the recent high at 0.8435. (GBP/EUR retreat to 1.1850) Global influences will...

The Pound Euro (GBP/EUR) exchange rate wavered on Monday, despite the start of the UK’s International Investment Summit, as high-impact events later in the week loomed over the currency pairing. At the time of writing, GBP/EUR traded at €1.1949, having fluctuated in a tight range since the start of the week’s opened. The British Pound (GBP) had a mixed performance on Monday, even as the UK's International...

The Pound US Dollar exchange traded sideways on Monday as a lack of both UK and US economic data releases left the currency pairing largely flat. At the time of writing, GBP/USD was trading at approximately $1.3056, virtually unchanged from the start of Monday’s session. The US Dollar (USD) had a sluggish start to the week as a dearth of domestic economic data left the currency mostly directionless. Despite this,...