Although the UK pound is struggling against some currencies, like the Aussie and the kiwi, it is seeing some success against the dollar and the euro. However, some Forex traders are starting shift into wait and see mode with economic data set for release later this week and with talk of a “brexit” from the European Union being entertained.
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 attempted to rally against the US dollar today on the back of the very good retail sales report but failed as the greenback surged following the European Central Bank policy meeting. Of course, the sterling gained on the vulnerable euro, which had been hurt by the comments of the ECB President.
UK pound is getting a little help from better economic data recently, and that is allowing it to gain against the dollar and the yen for now. While the pound is lower against the euro today, sterling is doing well against other major currencies. However, there is speculation that the pound will soon drop back against the dollar.
UK pound is hoping for steadiness to close out the week. It’s been an interesting week of ups and downs, but right now sterling is eking out gains against most of its major counterparts.
Sterling is mostly higher today in Forex trading, thanks in large part to the latest, better than expected, economic data. Unemployment data surprised everyone and wage growth remains strong, prompting hopes that the UK economy will pick up and the BOE will tighten monetary policy.
The Great Britain pound was hit hard by today’s inflation data. Britain’s consumer prices went into deflation territory last month even though analysts had promised them to stay almost unchanged.
UK pound is moving higher against its major counterparts in Forex trading today as traders await data later this week. Inflation, employment and remarks from a member of the MPC are in the works and many Forex traders are waiting on these events.
The Great Britain was strong against the US dollar and the Japanese yen (but not against the euro) today even after the release of disappointing trade data. The trade deficit shrank but not as much as specialists had expected.
The Great Britain pound fell following the Bank of England’s monetary policy meeting. The policy minutes were not particularly hawkish, leading to speculations that British policy makers could be forced to leave interest rates at the record low for a prolonged period.