This week, the United Kingdom will publish the final estimate of second-quarter GDP growth, alongside current account, CBI distributive trades, the Bank of England’s monetary indicators and Nationwide house price index.
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The pound-to-US-dollar rate touched its lowest point since March on Friday, as investors digested weaker-than-expected UK PMI data and the Bank of England’s latest policy decision.
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After a difficult week for sterling, where every day saw new falls, you might be forgiven for thinking that the pound was trading at an all-time low. In fact, it is only down 1% on last week, 1.35%…
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The dollar surged in the morning but fell back in the afternoon, wiping out most, but not all, of its gains. It also fell sharply against the Japanese yen.
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The euro had a stronger day, climbing as much as 0.5% against sterling and the Australian dollar.
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Sterling has lost 1.35% against the dollar in the past week and 1% against the euro, as a cooling economy allowed the BoE to take its foot off the brake after 14 consecutive interest rate rises.
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Sterling weakened by up to 1% against major rivals yesterday before and after the Bank of England (BoE) announced the first pause in interest rate rises since November 2021. Against the euro, sterling hit its lowest since May…
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The dollar gained, as we predicted yesterday, not from the fact that interest rates were kept on hold, but from the possibility that they will rise again before long.
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