The European Central Bank raised its key interest rates in May by 25 bps after seven consecutive rate hikes. May’s decision pushed borrowing costs in the area to their highest level in fifteen years.
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In the previous release by the Office for National Statistics (ONS), the UK’s unemployment rate hit 3.9% – its highest level since November 2021-January 2022.
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Sterling begins the week stronger than it did this time last Monday with gains of around 0.83% and 1.41% against the euro and US dollar, respectively.
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The pound strengthened to its best since last August on Friday against the euro, and has remained there or thereabouts so far this morning. It is around 0.5% or so above where it was last Monday, but has…
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The dollar declined essentially across the board yesterday, by close to 1%, including against the pound.
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It was a decidedly mixed day for the single currency yesterday, with modest falls against the pound, yen and Aussie dollar, but sizeable rises of 0.5% to 0.75% against the US and Canadian dollars and renminbi.
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Another strong day for the pound yesterday saw it again challenging for its highest point against the euro since summer 2022, but falling slightly short.
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Sterling has remained strong this week, certainly relative to the first few months of 2023, against both the euro and US dollar. Bad economic news broke out all over the Western world this week, with the eurozone in…
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