Once again, the UK pound is struggling in Forex trading. As the economy continues to lose steam, and as concerns mount that an upcoming referendum will end the United Kingdom’s participation in the European Union, the sterling is heading mostly lower today.
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 fell against the euro today due to poor UK economic data and fears of the Brexit. Nevertheless, the sterling was able to gain on such major rivals as the US dollar and the Japanese yen.
The main theme on the currency markets last week was a potential exit of Great Britain from the European Union. Obviously, this led to weakness of the sterling, which has ended the week as the biggest loser among major currencies, though the euro was not immune as well.
The Great Britain pound has attempted to rally during the current trading session but failed and is trading near the opening level as of now.
The Great Britain pound rose a little today but was still trading near the seven-year low versus the US dollar and also near the multi-year low against the Japanese yen.
UK pound is lower today, thanks in large part to concerns over the fact that there is uncertainty over what will happen when citizens vote in a referendum on European Union membership.
The Great Britain pound fell on Monday as the market was plagued by concerns that the United Kingdom may exit the European Union. Traders did not like the lack of clarity about whether Great Britain stays in the union or not as well as uncertainty about what an exit would mean for the economy of the country.
UK pound is a little higher today, gaining against major counterparts as Forex traders consider the situation. The economic situation in the United Kingdom is difficult, and there are still concerns about an exit from the European Union to weigh on the sterling in the future.
The latest economic data out of the United Kingdom shows that inflation has improved, but that isn’t doing much to help the economy. The inflation news is paired with falling prices, and there are concerns about what the Bank of England will do next. Sterling is down almost across the board.
The Great Britain pound gained against its major rivals during the current trading session, but the gains were limited as traders remained worried about issues with global economy. This made them seek safer currencies.