Sterling strengthened by an average of 0.30% to 1% against major currencies yesterday in response to rising inflation, and the hopes of the money markets for interest rates staying higher for longer.
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Sterling gained across the board yesterday as inflation confounded expectations and rose in December, taking the annual rate to 4%. The impact on the pound was immediate and, for the most part, sterling held onto the gains, ending…
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UK prices have confounded the forecasters (just for a change), rising by 4% in the year to the end of December, when 3.8% had been expected. Not much of a difference maybe, but the change in direction (the…
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The euro continued to cede value to the US dollar while trading broadly flat against the pound.
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GBP/USD lost over a cent on another bruising day for the pound, although it was little changed against the euro.
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The US dollar had another strong session, shooting upwards against its major rivals on the back of geopolitical uncertainty in the Middle East.
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Sterling shot up this morning as news broke of an unexpected rebound to UK inflation. Having lost over a cent to the US dollar yesterday, GBP/USD retraced almost a third of Tuesday’s losses in early morning trading.
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While there was little movement for the US dollar yesterday, with the markets closed, overnight the dollar has strengthened by an average of 0.5% against major currencies.
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