Pound hits highest level against US dollar in over a year as traders bet Bank of England will outmuscle Fed June 14, 2023 Pound sterling today climbed to its highest level against the US dollar in over a year, driven upwards by investors betting that the Bank of England will surpass the Federal Reserve in its interest rate rise cycle to bring down inflation. Britain’s currency jumped around 0.7 per cent today to nearly $1.27, taking it to [...]
Pound on course for highest level against US dollar in over a year, City analysts bet June 7, 2023 Pound sterling could end 2023 at its highest level in more than a year, strengthened by the Bank of England continuing to hike interest rates and the Federal Reserve taking its foot off the brake, analysts have told City A.M. The UK’s currency may strengthen to $1.30 toward the end of this year, driven by [...]
Pound records strong week as London markets expects Bank to hike rates further June 2, 2023 The pound has recorded its strongest week against the dollar in half a year as investors expect the Bank of England to keep hiking rates after the Fed has paused. Across the week, the pound gained more than 1.5 per cent against the dollar to trade at over $1.2530 on Friday afternoon. The pound performed [...]
Pound Sterling rises to highest level in almost a year as US dollar set for second straight week of decline May 5, 2023 Sterling rose to its highest level in almost a year, as the dollar was broadly softer against other major currencies on Friday. The pound continues to recover, while the banking sector woes added to talk of U.S. rate cuts later this year, ahead of the much-anticipated monthly U.S. jobs report just after midday (GMT). The dollar [...]
Inflation sliding and tough Bank of England means the pound will see better days April 18, 2023 “Hope is not a strategy,” Jordan Rochester, a wonk at Japanese investment bank Nomura, said last September, referring to politicians’ attempts to revive the pound after it plummeted to its lowest level ever against the US dollar following Liz Truss’s tax cutting mini budget. A lot has changed since then. Chancellor Jeremy Hunt raised taxes [...]
Sterling hits 10-month high as recession fears ease while dollar is under pressure April 4, 2023 The British pound rose to a new 10-month high against the dollar on Tuesday, and the euro reached its highest in two months, as the U.S. currency continued to suffer from market bets that the end of the U.S. rate-hiking cycle is near. Sterling rose 0.84 per cent to $1.2521, its highest since June 2022, [...]
FTSE 100 close: Bleak IMF UK recession warning knocks pound and London index January 31, 2023 London’s FTSE 100 dipped and the pound stumbled today, both driven lower by the International Monetary Fund (IMF) warning the UK is on course to be the only major economy to contract this year. The capital’s premier index fell 0.17 per cent to 7,771.69 points, while the domestically-focused mid-cap FTSE 250 index, which is more [...]
What could a recession mean for the pound in 2023? City analysts have their say January 15, 2023 The pound is on course for another tough year with the UK likely experiencing the worst recession of all major economies, analysts have told City A.M. The risk of sterling tumbling to another record low against the US dollar, as it did last year, is slim, analysts think, mainly due to the low likelihood of [...]
Pound sterling: 2023 could be another torrid year as it tumbles to November low against US dollar January 6, 2023 The pound has tumbled to its lowest level against the US dollar since November, pushed down by investors on both sides of the Atlantic betting the Federal Reserve will keep raising interest rates aggressively this year. The currency dropped a shade over 0.2 per cent to $1.19 this morning, leaving it trading at pre-Christmas levels. [...]
Euro on course for worst day since September in poor start to 2023 January 3, 2023 The euro has kicked off 2023 poorly, with investors ditching the common currency and flooding back into the US dollar. The currency used by the now 20 countries that make up the eurozone after Croatia joined the union earlier this month was on track for its steepest drop against the greenback since September last year [...]