Thanks to the Brexit vote, confidence in the UK economy is poised for big losses. The latest PMI reading — a special reading by Markit — indicates that things could be headed for trouble. Sterling is dropping dramatically on the news, losing ground to its major counterparts.
Great Britain Pound GBP
The Great Britain pound sterling (usually called simply “pound” or “sterling”) is the currency used in the United Kingdom and in British territories. Banknotes were introduced following the creation of the Bank of England in 1694, but the history of the currency can be traced long before that, making the pound the oldest world currency that is still in use. The sterling was the most important currency in the world before the World War I. After the World War II had broken out, several countries (for the most part those that belonged to the British Empire) either introduced the pound as their own currency, or pegged their currencies to the sterling. These countries have become know as the sterling area. The importance of the UK currency and the sterling was diminished after the pound was allowed to float freely in 1972. Subsequently, the role of the major world medium of exchange passed to the US dollar. It is still the fourth most traded currency after the dollar, the euro and the yen. The pound is also used as a reserve currency.
Great Britain Pound News Archive
The Great Britain pound climbed today after the Bank of England surprised markets, leaving its monetary policy unchanged.
The Great Britain pound jumped today as the market sentiment continued to improve following the news about Britain getting a new Prime Minister. The currency demonstrated the biggest one-day gain since the huge drop after the Brexit vote.
Things were not looking good for the Great Britain pound after the Britons had decided to the leave the European Union, and nothing has changed yet. In fact, the bearish outlook gains strength.
The Great Britain pound bounced during the American trading session as one of the contenders for the Prime Minister seat has exited the race, leaving just one candidate for the office. This reduced political uncertainty in the country that is getting ready for leaving the European Union.
The Great Britain pound fell against the US dollar and the euro during the current trading session as market participants were betting on monetary easing from the nation’s central bank at this week’s policy meeting.
The Great Britain pound sank to new multi-year lows today as Britain’s decision to leave the European Union made investors shun the currency.
The Great Britain pound managed to carve out gains during the Monday’s trading session even though Britain’s construction sector logged an unexpected decline in June. The currency has trimmed its gains but is trading above the opening level at the present time.
The Great Britain pound was attempting to recover during the past trading week following the previous week’s Brexit shock. But it failed to do so due to the prospects for monetary stimulus from the nation’s central bank.
The Great Britain pound tanked today, ending the two-day rally, after the chief of the nation’s central bank signaled that monetary easing may be required to help Britain weather the impact of leaving the European Union.