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UK Pound Continues to Struggle

By , August 26, 2014 9:20 am

Stack of coins on 10-pound and 20-pound billsUK pound continues to struggle in Forex trading today, thanks in large part to the fact that the economic data isn’t holding up, and Bank of England policymakers don’t seem to be on the same page.

Sterling is struggling today, down against its major counterparts, thanks in large part to the latest economic news out of the United Kingdom. The latest figures for July inflation show a slowing for the United Kingdom, which means the economy isn’t coming along quite as well as many would like.

On top of that, there doesn’t seem to be a lot of agreement amongst Bank of England policymakers. Some of their recent statements have been contradictory, and that leads to a bit of uncertainty about what will be next for the pound.

Also, it’s possible that discussions about Scottish independence are having their effect. Scotland looks to declare independence from the United Kingdom, but wants to keep the pound as currency. That arrangement might be acceptable, and is possibly in the works.

With a lot of uncertainty around the UK pound, though, it’s little surprise that it’s struggling.

At 12:06 GMT GBP/USD is down to 1.6571 from the open at 1.6580. EUR/GBP is up to 0.7962 from the open at 0.7957. GBP/JPY is down to 172.2370 from the open at 172.5070.

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

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Carney’s Comments Help Pound Gain Ground

By , August 18, 2014 1:32 pm

Stacks of coins and a fan of pound notesThe Great Britain pound rose today after Bank of England Governor Mark Carney said over the weekend that the central bank may start raising interest rates before actual wage growth kicks in.

Wages came to market participants’ attention after the BoE inflation report predicted that this year’s earnings growth will be half of the previous estimates. Yet Carney was less dovish in his interview to Sunday Times over the weekend than could be expected considering the latest economic developments. He said that policy makers are confident that real wages will be growing and they “don’t have to wait for the fact”.

Such words triggered speculations among Forex traders regarding future moves of the central bank and their possible impact on the pound. It looks like the general consensus is that BoE is more hawkish than it has been considered previously, and this is definitely good for the currency.

GBP/USD rose 0.23 percent to 1.6731 as of 18:39 GMT today. EUR/GBP dropped from 0.8003 to 0.7986. GBP/JPY advanced from 171.20 to 171.56.

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

U.S. Warplanes, Kurdish Forces Pound ISIS Targets in Bid to Retake Iraqi Dam

By , August 17, 2014 5:55 am

U.S. Warplanes, Kurdish Forces Pound ISIS Targets in Bid to Retake Iraqi Dam

Baghdad (CNN) — Kurdish forces fired mortars and explosives at extremist militants Sunday as the battle to retake a strategic dam in northern Iraq raged on.

Fighters for the Islamic State in Iraq and Syria set up high powered explosives around buildings and detonated them, Kurdish Intelligence chief Masrour Barzani said.

Kurdish forces fought back, sparking clashes. Smoke could be seen rising in the distance.

ISIS, the extremist militant group that calls itself the Islamic State, seized the strategic Mosul Dam this month.

U.S. warplanes joined the effort to retake the dam amid growing concern it is not maintained and could rupture, a U.S. official told CNN.

Engineering studies show that a failure of the dam would be catastrophic, resulting in flooding all the way to Baghdad, the official said on condition of anonymity.

Mosul Dam is Iraq’s largest hydroelectric dam, and it sits on the Tigris Rivers about 50 kilometers (31 miles) north of the city of Mosul. ISIS fighters seized it this month following fierce fighting.

The United States estimates there may be up to 400 ISIS fighters in and around the dam complex, the official said.

The U.S. military confirmed a mix of fighter jets and drones carried out nine airstrikes near Mosul and the Kurdish regional capital of Irbil. The strikes targeted armored vehicles used by ISIS fighters, it said.

U.S. Central Command declined to provide further details, citing security of its personnel.

There were conflicting reports from Kurdish officials about whether its military force, known as the Peshmerga, had begun a ground operation to retake the dam.

Mosul Dam remains in hands of ISIS

A Peshmerga colonel told CNN the operation began early Saturday with Kurdish forces advancing toward the dam as the United States carried out airstrikes against “mobile ISIS positions.”

The dam complex has not been hit, the colonel said on condition of anonymity. He is not authorized to speak to the media.

While Peshmerga spokesman Hilgurd Hikmat also confirmed the U.S. airstrikes, he said the Kurdish forces are not on the move and have not engaged in battle with ISIS fighters near the dam.

Mosul Dam is under ISIS control, but it is still up and running, the colonel said. Engineers and employees remain at work, he said.

U.S. intelligence agencies, according to the U.S. official, are also keeping an eye on the Haditha Dam on the Euphrates River in Iraq’s western Anbar province, where Iraqi troops have been holding off an ISIS assault for weeks. The dam is the second-largest in the country, and it provides water to western and southern Iraq.

Earlier this year, ISIS fighters opened the gates on the Falluja dam after seizing it in an effort to stop an Iraqi military advance. The water from the dam flooded a number of small villages.

U.S. President Barack Obama ordered targeted airstrikes to protect U.S. personnel and facilities in Iraq and prevent a potential genocide of ethnic and religious minority groups by ISIS.

Obama — citing the success of targeted American airstrikes — declared an end to an ISIS siege that had trapped tens of thousands of Yazidis in mountains.

The Yazidis are one of Iraq’s smallest and oldest religious minorities.

The United Nations estimates they are among 400,000 people who’ve been driven from their homes since June, when ISIS swept across the border from Syria into Iraq.

Jomana Karadsheh reported from Baghdad, Barbara Starr from Washington and Faith Karimi reported and wrote from Atlanta. CNN’s Anna Coren, Mohammed Tawfeeq and Mariano Castillo contributed to this report.

Assyrian International News Agency

UK Pound Remains Mixed Against Major Counterparts

By , August 12, 2014 7:53 am

UK pound is mixed today, thanks to a lot of thought being given to the latest data points, as well as to interest in possible outcomes for the future of the UK economy.

Once again, the UK pound is in an interesting place. The latest PMI data surprised to the upside. However, inflation data, due out later this week, is expected to still be a bit low. As a result, there are expectations that the inflation data will not be sufficient to encourage the Bank of England to tighten its monetary policy any time soon.

There will be more data this week; indeed, this is a data-heavy week around the world, so there is a lot of wait-and-see associated with the currency market. Also, there is a bit of risk aversion weighing on the pound against some currencies, while the sterling gains against others.

It’s shaping up to be a fairly interesting week, and many Forex traders are interested to see what happens next.

At 13:51 GMT GBP/USD is lower, down to 1.6786 from the open at 1.6787. EUR/GBP is lower, dropping to 1.3353 from the open at 1.3385. GBP/JPY is a little bit lower, falling to 171.5400 from the open at 171.5600. GBP/CAD is higher, moving up to 1.8359 from the open at 1.8333.

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 Fights Back in Currency Trading

By , August 5, 2014 7:12 am

Great Britain pound symbolThe last week has been a bit humiliating for the UK pound, with persistent losses against major currencies. However, there appears to be some relief in sight for the embattled pound. The currency is gaining a little bit of ground today — at least against the euro.

Last week, the sterling was lower against many of its major counterparts, including the euro, which has its own problems. There are still issues with slow factory growth in the United Kingdom, and that is likely to continue to weigh on the pound. However, sterling does appear to be making up some lost ground. With the pound discounted so much after last week, some Forex traders are buying.

While the pound is still down against the US dollar, it is making up some lost ground against the euro, as well as gaining against the yen. UK factory growth is likely to remain a factor, and many Forex traders are also waiting to see what the Bank of England will do next, although chances are that it won’t have a lot of options.

At 13:15 GMT GBP/USD is down to 1.6859 from the open at 436863. EUR/GBP is lower, though, dropping to 0.7939 from the open at 0.7959. GBP/JPY is gaining ground, moving up to 173.2035 from the open at 172.9650.

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

Economic Data Weighs on Pound

By , August 1, 2014 7:56 am

Sterling is heading lower today, dropping as the latest manufacturing growth data disappoints. The UK economy continues to struggle, and it doesn’t help much that the Bank of England has predicted slowing growth in the economy. Indeed, compared to some of its major counterparts, the slowdown is disappointing, and contributing to losses for the pound.

The latest UK PMI from Markit fell to 55.4 in July, down from a 57.2 in June. The drop wasn’t wholly unexpected, but it still hasn’t done much to help the UK pound against its counterparts. It’s expected for the sterling to struggle against the US dollar, since the greenback is benefiting from a pick up in the economy, but UK pound is also struggling against the euro right now.

There are some concerns revolving around the situation in Ukraine, as well as the expected slowdown predicted by the BOE.  This is making it even more difficult to be bullish on sterling. Instead, there are quite a few bears out, worried about the pace of the slower growth, and concerned about how the crisis in Ukraine will impact the British economy.

At 14:07 GMT GBP/USD is down to 1.6831 from the open at1.6885. EUR/GBP is up to 0.7967 from the open at 0.7930. GBP/JPY is down to 172.9985 from the open at 173.5800.

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

BOE Minutes Weigh on UK Pound

By , July 23, 2014 6:15 am

Focus on digits on UK pound notesUK pound is down pretty much across the board today, thanks in large part to the release of the minutes from the latest Bank of England meeting. It looks as though loose monetary policy is going to continue for a little while longer, and that is keeping the sterling down against its major counterparts.

The minutes to the latest Bank of England Monetary Policy Committee meeting, held earlier this month, were released earlier today. The minutes showed that all of the MPC members voted to keep a loose monetary policy. This means that the quantitative easing program will remain in place at 375 billion pounds per month, and the record-low interest rate will remain in place for a while.

BOE’s latest meeting indicates that all members are in agreement, without dissenters asking to tighten monetary policy. So, even though some hawks have had higher rates and tighter policy priced in for months, it appears that it will be some time before any of it comes to fruition. The result of that decision to keep monetary policy weak is a lower pound today.

At 13:22 GMT GBP/USD is down to 1.7028 from the open at 1.7064. EUR/GBP is higher, moving up to 0.7907 form the open at 0.7891. GBP/JPY is down to 172.6615 form the open at 173.1450.

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 Pauses After Gains Earlier This Week

By , July 18, 2014 9:14 am

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UK pound is pausing today, looking for consolidation at the end of this week after solid gains driven by encouraging economic data. More strength is expected for the sterling going forward, especially against the euro, thanks to the improving economic picture. So while the pound is lower today, it is likely to strengthen in coming weeks. (…)Read the rest of UK Pound Pauses After Gains Earlier This Week […]

The post UK Pound Pauses After Gains Earlier This Week appeared first on Forex News.

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Pound Under Pressure as UK Recovery Wanes

By , July 10, 2014 4:12 pm

Close-up of the UK pound notePoor economic data was weighing on the Great Britain pound recently and today’s trading session was not different. Housing and trade data came out worse than was expected, suggesting the Britain’s recovery is losing steam. The Bank of England remained passive at today’s policy meeting.

Royal Institution of Chartered Surveyors reported that the House Price Balance was at 53 percent in June, below expected 55 percent, as demand for property dropped to the lowest since the beginning of 2013 after the Bank of England signaled that it is going to take measures for cooling the housing market. The trade balance demonstrated a deficit of £9.2 billion in May, above the predicted value of £9.0 billion.

The sterling dropped after the reports, though trimmed its losses by now. In fact, the UK currency was able to gain on the euro, which was dragged down by the crisis in Portugal’s banking system.

As was widely expected, the BoE left its monetary policy unchanged, keeping the Bank Rate at 0.5 percent and the asset purchase program at £375 billion.

GBP/USD dropped from 1.7157 to 1.7105 before trading at 1.7132 as of 21:11 GMT today. GBP/JPY was at about 173.61 following the drop from 174.36 to 172.95. EUR/GBP rallied from 0.7950 to 0.7968 but retreated to 0.7942 later.

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 Under Pressure as UK Recovery Wanes

By , July 10, 2014 4:12 pm

Close-up of the UK pound notePoor economic data was weighing on the Great Britain pound recently and today’s trading session was not different. Housing and trade data came out worse than was expected, suggesting the Britain’s recovery is losing steam. The Bank of England remained passive at today’s policy meeting.

Royal Institution of Chartered Surveyors reported that the House Price Balance was at 53 percent in June, below expected 55 percent, as demand for property dropped to the lowest since the beginning of 2013 after the Bank of England signaled that it is going to take measures for cooling the housing market. The trade balance demonstrated a deficit of £9.2 billion in May, above the predicted value of £9.0 billion.

The sterling dropped after the reports, though trimmed its losses by now. In fact, the UK currency was able to gain on the euro, which was dragged down by the crisis in Portugal’s banking system.

As was widely expected, the BoE left its monetary policy unchanged, keeping the Bank Rate at 0.5 percent and the asset purchase program at £375 billion.

GBP/USD dropped from 1.7157 to 1.7105 before trading at 1.7132 as of 21:11 GMT today. GBP/JPY was at about 173.61 following the drop from 174.36 to 172.95. EUR/GBP rallied from 0.7950 to 0.7968 but retreated to 0.7942 later.

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

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