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Pound Trades Mixed to Lower Following Rally

By , November 20, 2014 6:47 pm

Stack of coins on 10-pound and 20-pound billsThe Great Britain pound was little changed at the start of the current trading session, edging a little lower against the euro and the Japanese yen. The currency rallied yesterday due to better-than-expected retail sales.

UK retail sales rose 0.8 percent in October after falling 0.4 percent in September. Analysts predicted smaller growth by 0.4 percent.

The positive data allowed the currency to rise, touching the highest level since October 2008 against the yen. Weaker-than-expected indicators for the eurozone added to the appeal of the sterling as a safe currency.

The pound still suffers from uncertainty about timing of monetary tightening. While minutes of the November policy meeting were welcomed by market participants, they showed the same division of votes as before: two members of the Committee voted for raising interest rates while seven preferred to keep borrowing costs unchanged.

GBP/USD traded near the opening level of 1.5691 as of 1:26 GMT today. GBP/JPY slipped from 185.43 to 185.12. EUR/GBP inched higher from 0.7990 to 0.7997.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

Forex News

BOE Minutes Help UK Pound

By , November 19, 2014 7:26 am

A fan of 20-pound billsThe latest minutes from the Bank of England are helping the UK pound today. The minutes seem to indicate that some members of the Monetary Policy Committee are getting nervous about inflation, and some think that could mean that the BOE is ready to take action that could support the sterling.

The minutes to the last Monetary Policy Committee meeting at the Bank of England have been released, and they indicate that a hawkish tone might be creeping in. The minutes indicate that, even though there is still a vote to keep interest rates low, some of those who feel that way are starting to worry about inflation.

With inflationary pressure a new concern, it might be that BOE policymakers decide that it might time soon to begin taking steps that would limit inflation in the economy and, at the same time, strengthen the pound. The minutes contrast with statements made by BOE Governor Mark Carney after the latest meeting, and that is giving some Forex traders pause. However, in general, there are expectations that the sterling will begin strengthening again soon.

At 11:43 GMT GBP/USD is up to 1.5679 from the open at 1.5631. EUR/GBP is down to 0.7995 from the open at 0.8019. GBP/JPY is up to 184.4150 from the open at 182.7660.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

Pound Remains Extremely Bearish

By , November 18, 2014 8:32 pm

UK coins on banknotesThe Great Britain pound fell today against other majors, including the US dollar and the euro. The currency also failed to rise against the Japanese yen, retreating to the opening level after the earlier rally.

The sterling was unable to rally even as Britain’s inflation accelerated. The Office for National Statistics reported that the Consumer Price Index rose 1.3 percent in October. Analysts have expected the rate of expansion to stay at the September’s level of 1.2 percent.

The UK currency did not profit from the positive data. Bank of England members were communicating very clearly their unwillingness to raise interest rates early, and this pulled away support from underneath the pound. Additionally, favorable macroeconomic reports from Europe reduced need for the currency of the United Kingdom as a haven from troubles in the eurozone.

GBP/USD dropped from 1.5632 to 1.5613 as of 1:15 GMT today. EUR/GBP traded at about 0.8017 after rising from 0.8015 to 0.8023 earlier. GBP/JPY was up from 182.67 to 183.09 but pulled back to the opening level later.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

Forex News

Pound Drops vs. Dollar, Gains on Euro

By , November 17, 2014 2:36 pm

A fan of 50-pound billsThe Great Britain pound fell against the US dollar during the current trading session as today’s data showed decline of UK house prices. The general risk-off market sentiment was not helping the currency to hold ground against the greenback though it allowed the sterling to outperform the euro.

The Rightmove House Price Index dropped 1.7 percent in November from the previous month. House prices were still up on an annual basis. The unexpected recession in Japan made Forex traders prefer safer currencies, not riskier ones. This hurt the sterling, which was already soft due to last week’s comments from policy makers.

GBP/USD declined from 1.5682 to 1.5641 as of 20:21 GMT today following the rally to 1.5735. EUR/GBP edged down from 0.7987 to 0.7961.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

Forex News

Pound Sinks as UK Growth Loses Momentum

By , November 12, 2014 9:25 am

UK coins on banknotesThe Great Britain pound sank today after the Bank of England predicted that economic growth and inflation will decelerate in the near future. UK employment data turned out be worse than analysts have expected, adding to pressure on the sterling.

The BoE released quarterly Inflation Report today, and it was not particularly optimistic. The report said:

Growth is projected to be a little weaker than in August. It slows slightly in the near term, settling back to around historical average rates, underpinned by a gradual pickup in demand abroad and a revival in productivity and real household income growth at home.

As for consumer prices, the outlook was also not particularly good:

Inflation has fallen further below the MPC’s 2% target, reflecting the impact of lower food, energy and import prices and some continued drag from domestic slack. Inflation is expected to remain below the target in the near term, and is more likely than not to fall temporarily below 1% at some point over the next six months.

Released earlier, the employment report disappointed economists. Claims for unemployment benefits fell less than was expected. The unemployment rate remained the same while analysts predicted a small decrease.

GBP/USD tumbled from 1.5917 to 1.5814 as of 15:25 GMT today, trading near the lowest level since September 2013. GBP/JPY sank from 184.27 to 182.09. EUR/GBP advanced from 0.7833 to 0.7887 after falling to 0.7801 earlier.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

No Help for the UK Pound in Forex Trading

By , November 7, 2014 6:58 am

20-pound banknotesThere isn’t a lot of help for the UK pound in forex trading today. With recent data disappointing analysts, and with the Bank of England still not taking any action, the sterling is down almost across the board today.

Sterling is losing ground to most of its major counterparts today as concerns about what’s next for the currency weigh. First of all, the drop in PMI to 56.2 from 58.7 was a bit of a setback. For the most part, the UK economy has been showing solid signs of recovery, and this was disappointing.

As expected, the Bank of England left interest rates steady. However, the PMI report, and the fact that no one from the BOE is indicating that rate hikes are coming anytime soon, are combining to drag on the pound a bit.

Some think that the pound is undervalued against the euro, however. The UK economy remains robust when compared with the eurozone economy, and the fact that the euro seems to be doing well against the pound right now has some stumped, and sure that the pound is underperforming and will gain soon.

At 11:45 GMT GBP/USD is down to 1.5821 from the open at 1.5834. EUR/GBP is up to 0.7836 from the open at 0.7816. GBP/JPY is down to 182.2560 from the open at 182.3550.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

Manufacturing Data Boosts UK Pound

By , November 3, 2014 5:01 am

A fan of Great Britain 10-pound notesUK pound is heading higher today, gaining ground thanks to the latest manufacturing data. Manufacturing data surprised to the upside, and the sterling is getting a boost because of the news.

Many analysts expected manufacturing PMI for the United Kingdom to slip a bit, continuing the trend toward slower growth. However, October surprised everyone, with Markit reporting that manufacturing PMI had jumped to 53.2. This level is better than the expected 51.4 for October. Additionally, the UK manufacturing number underscores the fact that the economy in the United Kingdom is headed for recovery while the eurozone economy continues to struggle.

For now, the news is helping the UK pound. Sterling is higher almost across the board as the news is digested, and as traders consider that the United Kingdom might decide to leave the European Union. David Cameron has expressed defiance over additional contributions to the European Union, and there could be a referendum.

It’s going to be an interesting few months, but as long as the UK economy continues to show signs of improvement, the pound should enjoy continued support in currency trading.

At 11:48 GMT GBP/USD is up to 1.6000 from the open at 1.5968. EUR/GBP is down to 0.7809 from the open at 0.7830. GBP/JPY is up to 181.7620 from the open at 180.1450.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

UK Pound Struggles Against Its Major Counterparts

By , October 29, 2014 5:17 am

Great Britain pound symbolUK pound is struggling against its major counterparts today, heading lower as interest rates expectations weigh. With the Bank of England expected to maintain low rates, there isn’t a whole lot to help support the pound against other major currencies in Forex trading.

The Forex market is buzzing after yesterday’s comments from Bank of England policymakers. Deputy Governor Jon Cunliffe said that the Bank of England could afford to keep interest rates low for longer, and this has reduced the rumors that the MPC is ready to raise interest rates in the near future. Many think that it will be some time before the BOE takes that step.

Right now, inflation remains below the target level for the United Kingdom, so Cunliffe is right that there is no pressing need to raise rates, even though some of the more hawkish members of the MPC have made comments about the need to do so soon. As long as inflation remains well under control, though, the BOE is likely to continue to keep rates low in the name of economic stimulus.

At 10:52 GMT GBP/USD is down to 1.6119 from the open at 1.6129. EUR/GBP is up to 0.7902 form the open at 0.7894. GBP/JPY is down to 174.2820 from the open at 174.4750.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

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Pound Ends Friday with Gains

By , October 24, 2014 9:53 pm

A fan of Great Britain 10-pound notesThe Great Britain pound ended Friday with gains thanks to GDP report that was in line with analysts’ expectations and poor economic data from the United States. The currency still ended the week with losses versus the euro.

Britain’s gross domestic product grew 0.7 percent in the third quarter of this year from the previous three months. While the expansion was slower than the second quarter’s 0.9 percent, it matched forecasts. Experts argue that most market participants counted on a worse figure and the not-so-bad report resulted in relief, bringing the sterling higher.

The UK currency was falling at the previous trading session due to the negative retails sales report. Sales were down 0.3 percent in September from August, demonstrating a bigger drop than was expected by specialists.

GBP/USD rose from 1.6029 to close at 1.6085 on Friday. EUR/GBP dropped from 0.7915 to 0.7874, while GBP/JPY advanced from 173.50 to 173.91, bouncing from the intraday low of 172.96.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

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Economic Data Doesn’t Support Britain’s Pound

By , October 10, 2014 6:52 am

UK coins on banknotesEconomic news from the United Kingdom were good for the most part today, but it did not prevent the Great Britain pound from dropping and reaching the lowest level in a month against the Japanese yen.

Britain’s trade deficit in goods shrank by £1.3 billion to £9.1 billion in August from July, more than was predicted by specialists. The Conference Board Leading Index rose 0.4 percent in August after increasing 0.2 percent in the previous month. Not all indicators were good, though, as construction output declined 3.9 percent in August instead of growing 0.5 percent as was projected by experts.

GBP/USD dropped from 1.6117 to 1.6031 as of 12:39 GMT today. GBP/JPY tumbled from 173.80 to 172.94, trading near the lowest level since September 11.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

Forex News