by Charles Purdy | Apr 24, 2024
Sterling swept upwards yesterday after crashing to its lowest level against the euro since the start of 2024 and against the US dollar since even further back. The reason for the movement is senior Bank of England interest rate setters talking in public. Their...
by Jonathan Cook | Apr 24, 2024
Preliminary (or flash, to use economic parlance) composite PMI data for the US came in below expectations at 50.9 in April, well below March’s 52.1. The US dollar tumbled in the aftermath, but it may take some time to gauge if the shift to weaker growth is transitory...
by Jonathan Cook | Apr 24, 2024
An increase to German PMI would usually be greeted warmly. However, having dug deeper into the data, there was a sense that economic conditions in Europe’s economy were getting worse, not better. GBP/EUR: the past year 1 Min 5 Min 1 Hr 1 Day 1 Wk 1 MthFrom To...
by Jonathan Cook | Apr 24, 2024
The UK government borrowed more last month and over the course of the last year than had been expected. UK borrowing over 2023/24 was £6.6bn more than the Office for Budegtary Responsibility (OBR) forecast, a bad sign for the nation’s finances and an even worse one...
by Jonathan Cook | Apr 24, 2024
Sterling ended a losing streak to climb by half a cent against the euro and almost a cent against the US dollar. Bank of England (BoE) rate setters used a pair of speeches to try to supress expectations of imminent cuts on Tuesday. The pound recovered some of its...
by Jonathan Cook | Apr 23, 2024
After months of tussle on Capitol Hill, the US Congress finally passed a bill that will grant more than $60bn in aid to Ukraine. The long-awaited funding is not expected to turn the tide of the war, but it will at least provide relief to Ukraine’s depleted military...
by Jonathan Cook | Apr 23, 2024
Debt in the euro area decreased to 88.6% of GDP in 2023, the lowest ratio in four years. Analysts had been expecting a greater fall to 88%, but the region remains saddled with several highly leveraged economies, including Greece (161.9%) and Italy (137.3%). GBP/EUR:...
by Jonathan Cook | Apr 23, 2024
Sterling has been tumbling, but the outlook for the UK economy seems to be headed in the right direction. Next month’s GDP figures will confirm if the UK has exited its recession, while markets are now increasingly sure that the Bank will cut rates in the near future....
by Jonathan Cook | Apr 23, 2024
The pound continued its recent nosedive against the US dollar and the euro yesterday. GBP/USD sank by almost a cent to begin the week, while GBP/EUR lost around 0.5%. The tone in markets was marginally improved but caution remained the name of the game. Gold fell back...
by Charles Purdy | Apr 22, 2024
The long period of stability for sterling could be coming to an end. Between Wednesday and Friday last week the pound lost more than 1% against the euro, and this echoed another sharp loss of 1.5% in mid-March. Against the US dollar the pound has lost 1.75% over the...
