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Posts tagged: ‘pound

UK Pound Loses Ground After Confidence Report

By , December 19, 2014 5:47 am

Focus on digits on UK pound notesAfter a good day yesterday, the UK pound is losing ground today. The latest consumer confidence report has been released and morale is down, brining the sterling down with it.

Yesterday was a good day for the UK pound, with the latest retail sales data, including a robust Black Friday, driving gains. Positive data sent the sterling higher against the euro and the dollar.

All of that is changed today, however. The pound is losing ground against many of its counterparts through a combination of profit taking and the fact that UK consumer confidence has taken a hit. The government has released numbers that show that confidence is down to -4 in December. Many analysts and economists had expected an improvement from -2 in November to -1. This setback surprised many, and now the sterling is losing ground.

Against the euro, the sterling is also seeing extra trouble, since the latest German Ifo data is encouraging the 18-nation currency to move a little higher after some days of difficulty. US PMI is in focus next, and some expect to see more trouble for the pound.

At 11:33 GMT GBP/USD is down t 1.5631 from the open at 1.5673. EUR/GBP is up to 0.7849 from the open at 0.7839. GBP/CAD is down to 1.8118 from the open at 1.8177.

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 Mixed Following Poor Economic Data

By , December 16, 2014 11:22 pm

Various pound notesThe Great Britain pound was mixed today following yesterday’s surprisingly strong performance. The sterling was resilient during the previous trading session even though macroeconomic data from the United Kingdom was disappointing.

Britain’s Consumer Price Index rose just 1.0 percent in November. This is compared to the median forecast of 1.2 percent and the previous month’s increase of 1.3 percent. The report cited following reasons for the slowdown:

Falls in transport costs (notably for motor fuels, air transport and second-hand cars) and in the prices of recreational and cultural goods were the main contributors to the slowdown in the rate of inflation between October and November.

Food and motor fuel prices, which have historically been upward contributors to the CPI 12-month rate, are currently reducing it by 0.4 percentage points.

Most other indicators released yesterday were poor too.

Yet the sterling performed rather well during the previous trading session despite the unfavorable data though it fell against the yen. Today, the pound had an opposite behavior: the currency dropped against the dollar but gained on the Japanese currency. Against the euro, the UK currency is flat.

GBP/USD ticked down from 1.5748 to 1.5725 as of 6:14 GMT today. GBP/JPY advanced from 183.31 to 183.91. EUR/GBP was flat at 0.7940.

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 Drops as House Prices Demonstrate Record Drop

By , December 15, 2014 6:33 am

Focus on 5-pound noteThe Great Britain pound declined today as house prices demonstrated a record drop this month. The unfavorable data added to concerns that Britain’s economic recovery is struggling.

The Rightmove House Price Index tumbled 3.3 percent in December. The drop, which followed the November’s 1.7 percent decline, was the biggest on the record. It fueled concerns that the UK economy is not in a particularly good shape and the Bank of England is not in a hurry to raise interest rates.

GBP/USD declined from 1.5722 to 1.5671 as of 12:08 GMT today. GBP/JPY dropped from 186.58 to 186.08, touching the daily low of 185.30.

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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UK Pound Gains Some Ground

By , December 10, 2014 9:32 am

20-pound banknotesIt’s been a bit of a rough go for the UK pound recently, but the sterling is currently gaining some ground on the Forex market. While trading mixed today, sterling is a little higher against the euro and the US dollar.

Recent economic data out of the United Kingdom has been disappointing, and that has been weighing on the pound recently. Manufacturing data recently missed expectations, and the Bank of England continues to stay the course. Indeed, last week’s decision to keep rates and purchases the same makes it harder for the pound to gain agains the dollar, which is stronger on policy divergence.

Today, though, the pound is getting a little help. Sterling is slightly higher against the euro and the dollar. Pound is expected to maintain some of its strength against the euro long-term, especially after the BOE starts raising rates again, while the strength against the US dollar is likely to be short-lived.

At 11:30 GMT GBP/USD is higher, moving up to 1.5677 from the open at 1.5667. Sterling’s gains against the euro are even smaller, with EUR/GBP falling to 0.7896 from the open at 0.7897. GBP/JPY is lower, with the yen one of the few currencies gaining on the pound, moving to 186.9170 from the open at 187.3880.

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 Gains Ground Against Major Counterparts

By , December 8, 2014 5:52 am

A fan of Great Britain 10-pound notesUK pound is gaining ground against its major counterparts today, thanks to improving data. Pound is doing especially well against the euro, thanks to better economic data and policy divergence.

Sterling is mostly higher today, thanks in large part to recent economic data. Much of the recent data, from PMI to GDP, has been reasonably positive, especially when compared with what is happening in the eurozone. Indeed, the UK pound continues to do well against the euro in Forex trading. Pound is also up against the US dollar, even though the Fed is cutting back on its easing at a faster rate than the Bank of England.

One of the items holding the pound back from even higher gains is the reluctance of the Bank of England to reduce stimulus at a faster rate. The inflation expectation in the United Kingdom was recently cut to 2.5 per cent from 2.8 per cent, and that is reducing the interest in raising rates. However, the situation still looks good when compared with what is happening in the eurozone.

At 11:30 GMT EUR/GBP is lower, falling to 0.7853 from the open at 0.7886. GBP/USD is higher, gaining to 1.5614 from the open at 1.5574. GBP/JPY is a little bit lower, falling to 189.1010 from the open at 189.4550.

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 Edges Down After BoE Meeting

By , December 4, 2014 6:36 am

Great Britain pound symbolThe Great Britain pound fell a little today after the Bank of England kept its monetary policy stable. Now Forex traders wait for a policy decision from the European Central Bank.

The BoE announced after today’s policy meeting:

The Bank of England’s Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.

Earlier during the current trading session, the Halifax House Price Index demonstrated a 0.4 percent increase in November from a month ago.

GBP/USD declined from 1.5686 to 1.5667 as of 12:52 GMT today. EUR/GBP rose from 0.7847 to 0.7858.

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, Holds Ground vs. Other Peers

By , December 2, 2014 7:14 pm

Stack of UK coins on GB pound billsThe Great Britain pound fell against the US dollar yesterday and maintained losses today. The sterling’s performance against other currencies, including the euro and the Japanese yen, was far better.

British Retail Consortium released a report today that showed a drop of the Shop Price Index by 1.9 percent in November, the same as in the previous month. The report followed yesterday’s data that demonstrated a drop of the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index from 61.4 in October to 59.4 in November. It was the lowest reading since October 2013.

The poor indicators added to worries about slowing growth momentum in the United Kingdom. This led to the drop of the sterling against the dollar. At the same time, Britain’s currency was surprisingly resilient versus other majors.

GBP/USD dropped from 1.5729 to 1.5637 yesterday and traded at 1.5646 as of 1:53 GMT today. EUR/GBP declined from 0.7926 to 0.7916 during the previous trading session and remained near that level at the current session. GBP/JPY rallied from 186.40 to 186.75.

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

Manufacturing Data Helps UK Pound

By , December 1, 2014 5:09 am

A fan of Great Britain 10-pound notesManufacturing data is providing a boost for the UK pound today. After seeing days of poor performance, the sterling is getting a little help from economic data.

According to Markit, the UK manufacturing purchasing managers’ index moved higher for November. The index moved to 53.5 in November, gaining from 53.2 in October. It might seem like a small gain, but many analysts had expected a loss in the index, so any gain was considered good news.

All of that good economic data is leading to gains by the UK pound against its major counterparts. The news isn’t nearly as good coming out of Germany, so the euro is struggling today. And, even though the US dollar retains a lot of its underlying strength, the pound is still gaining against the greenback. Lower oil prices are likely to provide more support fort he dollar, so those gains may be short lived.

Now, Forex traders are looking forward to the Bank of England announcement slated for Thursday. It will be interesting to see what policymakers do next in terms of easing.

At 11:34 GMT GBP/USD is higher, moving up to 1.5717 from the open at 1.5654. EUR/GBP is lower, dropping to 0.7929 from the open at 0.7967. GBP/JPY is higher, gaining to 186.1660 from the open at 185.7250.

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 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.

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