Goldman Sachs lowered the pound-to-euro and pound-to-dollar forecasts this week as “a combination of weaker growth, high inflation, and lower real rates is a negative mix for the currency.”
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The pound fell to its lowest rate since March yesterday against the US dollar as the greenback continued to find demand on Wall Street. However, the sterling-to-dollar rate is currently 12.5% higher than it was a year ago.
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The US dollar hit yet another six-month high against the pound and euro yesterday, as the markets, and gilts, reacted to the belief that interest rates will soon be on the move upwards again.
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The euro lost across the board yesterday following the head of the European Central Bank warning about the declining state of the EU economy.
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The pound had a mixed day, but did at least show some signs of recovery after a torrid week that has seen losses of between 1 and 2% against the next few most traded currencies.
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Sterling made a bit of a recovery yesterday against the euro, by close to a quarter of a percent, though it lost a similar amount to the US dollar, reaching yet another six-month low. Indeed, it was the…
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The latest purchasing managers’ index flash survey from S&P Global showed a slight drop-in US business activity in September. The overall output index fell to 50.1 last month from 50.2 in August.
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Producer prices in Spain slid by a record 10% in August 2023, from a year ago, following an upwardly revised 8.6% drop in July. This marks the sixth consecutive month of producer decline.
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