UK pound is struggling today, heading lower as a global stock selloff weighs on the currency. Sterling is down nearly across the board today, thanks to concerns about stocks, and earnings misses by major European banks.
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 sank against most of its major currencies during the past trading week as the UK central bank signaled that monetary tightening is not in sight. Still, the sterling managed to gain on the US dollar over the week, though it trimmed its gains by the weekend.
The Great Britain pound dropped today, extending its losing streak against the euro and the Japanese yen for the fourth consecutive day.
The latest interest rate decision from the Bank of England is weighing on the pound right now, sending it lower against many of its counterparts. Although sterling is still higher against the greenback, it’s fading a bit.
The Great Britain pound rallied today after the release of the services Purchasing Managers’ Index. The index was safely above the neutral level, showing stable growth of the sector.
The Great Britain pound gained against its major peers today with the help of a good manufacturing report. It was the third consecutive day of gains for the currency against the euro and the Japanese yen.
The UK pound is turning lower against the dollar today, although it is still holding out against the euro. While there has been some good economic data, there are still concerns about a possible exit from the European Union.
The Great Britain pound gained today following the release of a GDP report that showed stable growth of the UK economy. The currency backed off from its session highs as of now but remains safely above the opening level.
The Great Britain pound started to rise yesterday, bouncing from multi-year lows against the US dollar and the Japanese yen, and continued its rally today. Negative retail sales data made the rally pause but just briefly.