Currency News: UK daily forex news and forecasts
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Pound Sterling Strengthens as UK Inflation Jumps to 2.3%
20 Nov 2024 at 9 AM - Written by Frank Davies
STORY LINK Pound Sterling Strengthens as UK Inflation Jumps to 2.3%
UK inflation is bouncing back, and Wednesday’s readings were higher than expected.
Sterling is up around +0.25% against the euro.
The data is not likely to lead to major changes in BoE policy, but it does put a December cut in doubt.
Markets have entered a post-election pause ahead of the US holiday season, which starts on November 28th with Thanksgiving. The USD has finally pulled back slightly after a...
CATEGORIES: Pound Sterling Forecasts
Bank of England in Wait and See Mode
20 Nov 2024 at 9 AM - Written by Tim Boyer
STORY LINK Bank of England in Wait and See Mode
BoE in Wait and See Mode, GBP/USD Trapped Near 6-Month Lows Ahead of Inflation Data
The Pound to Dollar (GBP/USD) exchange rate has managed to hold above 6-month lows just below 1.2600 recorded late last week, but has struggled to make significant headway.
According to ING; “We see no reason for a large dollar correction at the moment, but equally not a clear catalyst for an advance.”
UoB commented; “GBP/USD is...
CATEGORIES: Pound Sterling Forecasts
Pound to Euro Exchange Rate Today: Subdued
20 Nov 2024 at 9 AM - Written by John Cameron
STORY LINK Pound to Euro Exchange Rate Today: Subdued
The Pound Euro (GBP/EUR) exchange rate traded largely flat on Tuesday following the publication of the Eurozone’s latest inflationary data release.
At the time of writing, the GBP/EUR was trading at around €1.1970, virtually unchanged from Tuesday’s opening levels.
The Euro (EUR) weakened against most of its counterparts on Tuesday following the release of the Eurozone's latest consumer price index (CPI).
The...
CATEGORIES: Pound Euro Forecasts
Flaring Russia-Ukraine Tensions Spark Pound US Dollar Exchange Rate Losses
20 Nov 2024 at 9 AM - Written by John Cameron
STORY LINK Flaring Russia-Ukraine Tensions Spark Pound US Dollar Exchange Rate Losses
The Pound US Dollar (GBP/USD) exchange rate weakened on Tuesday as worries about the Russia-Ukraine war sparked widespread risk aversion.
The Pound (GBP) dropped on Tuesday as mounting tensions in the Russia-Ukraine conflict weighed heavily on the UK currency.
Over the weekend, outgoing US President Joe Biden approved the use of US weapons for Ukrainian strikes on Russian territory. The UK is poised to follow suit,...
CATEGORIES: Pound Dollar Forecasts
Big Week for European Economies, Pound to Euro Rate Retreats
18 Nov 2024 at 5 PM - Written by David Woodsmith
STORY LINK Big Week for European Economies, Pound to Euro Rate Retreats
The Pound has continued to lose ground on Monday with the Pound to Euro (GBP/EUR) exchange rate dipping to 20-day lows below 1.1950.
ING expects a firm GBP/EUR tone on near-term central bank divergence; “we see any dovish repricing in BoE expectations coming after a December outsized ECB cut.”
Dollar developments and geo-political developments will continue to have an important impact.
For the Euro area, Ukraine...
CATEGORIES: Pound Euro Forecasts
Pound US Dollar Exchange Rate Subdued
18 Nov 2024 at 5 PM - Written by Frank Davies
STORY LINK Pound US Dollar Exchange Rate Subdued
The Pound to Dollar exchange rate (GBP/USD) treaded water on Monday as both UK and US economic data releases were absent from Monday’s data-calendar.
At the time of writing, GBP/USD was trading at approximately $1.2621, virtually unchanged from the start of Monday’s session.
The US Dollar (USD) remained largely unchanged against most of its counterparts on Monday, due to the absence of significant economic data...
CATEGORIES: Pound Dollar Forecasts
Pound Euro (GBP/EUR) Exchange Rate Bounces off 12-Week Low
18 Nov 2024 at 5 PM - Written by Tim Boyer
STORY LINK Pound Euro (GBP/EUR) Exchange Rate Bounces off 12-Week Low
The Pound Euro (GBP/EUR) exchange rate fell to a 12-day low on Monday morning, before regaining some losses, amid a souring market mood.
The Pound (GBP) initially faced challenges on Monday, slipping against safer peers as a deteriorating market mood weighed on the increasingly risk-sensitive currency.
Meanwhile, certain UK economic news stories added pressure to the Pound in the absence of significant data...
CATEGORIES: Pound Euro Forecasts
Pound to Euro Rate Week Ahead Forecast: Downside Risks to Medium-Term Outlook
17 Nov 2024 at 2 PM - Written by Frank Davies
STORY LINK Pound to Euro Rate Week Ahead Forecast: Downside Risks to Medium-Term Outlook
The near-term Pound Sterling outlook against the Euro continues to be vulnerable to Trump-based volatility.
The global backdrop is likely to have a major influence on the Pound to Euro exchange rate (GBP/EUR) in the coming days and weeks.
RBC Capital Markets have made sharp revisions to its forecasts in the latest update as it expects the Euro to come under sustained pressure following Trump’s election win.
It...
CATEGORIES: Pound Euro Forecasts
Pound to Dollar Rate Week Ahead Forecast: Trump Trade to Dominate Sterling
17 Nov 2024 at 2 PM - Written by Ben Hughes
STORY LINK Pound to Dollar Rate Week Ahead Forecast: Trump Trade to Dominate Sterling
The Pound to Dollar (GBP/USD) exchange rate has weakened to 4-month lows around 1.2620.
Markets continue to expect Trump’s policies will support the dollar while a weaker than expected UK GDP report curbed Pound support.
A key question is whether the dollar will strengthen further and whether gains can be sustained.
ING expects that GBP/USD will weaken modestly to 1.24 on a 12-month view.
According to ING;...
CATEGORIES: Pound Dollar Forecasts
Euro to Dollar Exchange Rate Tests 1.05
17 Nov 2024 at 2 PM - Written by David Woodsmith
STORY LINK Euro to Dollar Exchange Rate Tests 1.05
Instead of confirming a December cut was likely, Powell has introduced uncertainty.
The odds of a cut are now around 50/50.
The dollar made new 2024 highs on Thursday and pushed EURUSD down to 1.05.
The post-election rally had already started to fade by the time Fed Chair Powell spoke on Thursday. Stock markets peaked on Monday and drifted lower, while Bitcoin reversed on Wednesday. This may be have driven by...
CATEGORIES: Euro Dollar Forecasts