Currency News: UK daily forex news and forecasts

The US dollar secured net gains on Wednesday with support from a second successive surge in equities during the day. The gains in equities and dollar were driven by another U-turn from President Trump as he stated that he was not looking to dismiss Fed Chair Powell. There was also an upbeat Administration assessment of trade prospects. The latest US business confidence data also suggested more resilience than expected...

The Pound Euro (GBP/EUR) exchange rate dipped on Wednesday following the publication of both the UK’s and the Eurozone’s latest PMI readings. On Wednesday, the Pound (GBP) lost ground against most of its major counterparts after the release of the UK's latest services PMI data. The preliminary PMI for April revealed a significant downturn in the UK's crucial services sector, dropping below the 50-point threshold...

Global risk appetite has recovered strongly on Wednesday following another change in direction by President Trump. Stronger risk conditions boosted the Pound, but the latest data triggered fresh doubts over the UK economic outlook which hampered the UK currency. After an initial boost the Pound to Euro (GBP/EUR) exchange rate failed to hold the boost to 1.1715 with a retreat to 1.1665. European business confidence...

After a shaky start, the Pound Sterling (GBP) made some headway during Tuesday with a stronger tone in equities helping to underpin the currency. After again finding support close to 1.1600, the Pound to Euro exchange rate strengthened to around 1.1670. Danske Bank noted the continuing importance of financial pressures; "For EUR/GBP, key remains the global investment environment where elevated volatility and uncertainty...

The Pound to Dollar exchange rate touched a fresh 7-month high just below 1.3425 in Asia on Tuesday before a retreat to 1.3370. The 1.3425 area remains a key resistance zone with five attempts to break above this level failing in September 2024. Further tough resistance is likely, but any break would potentially trigger gains to 3-year highs and potentially to at least 1.3640. MUFG noted that confidence in US assets...

The Pound Sterling's recent rally against the US Dollar takes a break on Tuesday, with GBPUSD trading flat at around 1.337. "GBPUSD looks to be taking a pause following its impressive 10-session rally from 1.2700," says Shaun Osborne, Chief FX Strategist Momentum at Scotiabank. "Momentum is overbought with an RSI at 71 and the latest couple of candles are showing extended upper shadows, hinting to exhaustion. "We see...

The Euro to Dollar exchange rate (EUR/USD) strengthened to near 1.1550 in Asian trading on Tuesday before settling close to 1.1500 and below 3-year highs of 1.1570 recorded on Monday amid pressure for at least a limited correction. Overall dollar confidence remains very fragile with Trump pressure on Fed Chair Powell remaining a key negative element for the US currency. According to ING; “If the Fed caves to Trump’s...

A EUR/USD consolidation has seen the Pound Sterling remain largely steady against the Euro on Tuesday as markets continued to digest the impact of US President Donald Trump’s global tariff measures. The Pound Euro (GBP/EUR) exchange rate was trading at around €1.1637, roughly unchanged from Tuesday’s opening levels. The Pound (GBP) held its ground against most major currencies on Tuesday as trading resumed in...

The Pound Sterling has surged to a seven-month best exchange rate level as confidence in the US Dollar has deteriorated further during the Easter weekend. As well as fears over the economy, Trump’s criticism of Fed Chair Powell has reinforced fears that central bank independence could be compromised and the dollar posted sharp losses to fresh 3-year lows. In this environment, the Pound to Dollar exchange rate...

Currency forecasters at Deutsche Bank expect long-term Euro to Dollar exchange rate (EUR/USD) gains to 1.25 at the end of 2027 and note the risk that gains could come quicker. EURUSD was held below 3-year highs of 1.1470 during the week, but found strong buying below 1.1300. EUR/USD remains well above levels that would be justified on rate differentials alone amid a loss of dollar confidence. MUFG commented; “If...