The dollar had a strong day, gaining around 1% against the pound, overall, and Australia’s dollar and Canada’s ‘loonie’. There was a smaller gain against the euro.
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A mixed day for the single currency saw it weakening sharply against USD, again, continuing to lose the strong gains of the past month. While the drop was less pronounced than the calamitous 2% drop of Monday, there…
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Sterling has reached the end of the week slightly up on the start of the week, having attained its strongest position against the euro for four months early yesterday.
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Following a positive morning the pound sank yesterday afternoon, despite the Bank of England both raising interest rates for the twelfth time in a row, and upgrading its growth forecast by the largest amount in the Monetary Policy…
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Month-on-month inflation rose 0.4% in April, which was much higher than March’s 0.1% but was in line with the consensus.
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Both the benchmark Stoxx 600 and the German DAX were down 0.3% each in afternoon trading on Wednesday. Financials were also down, nearly 1%, with banks falling by just over half a percent.
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With the UK's annual inflation rate hitting just over five times the Bank of England's (BoE's) target, 10.1%, in March, all eyes will be on the BoE this afternoon for its latest interest rate decision.
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The pound is still strong against the US dollar on a weekly and monthly footing, after rising to its strongest level in a year on Wednesday.
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