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Great Britain Pound GBP
Central Bank: Bank of England
Interest Rate: 0.75%
Public Debt to GDP Ratio, 2017: 90.4%
Trade Balance, 2017: -$166 bln.
Inflation, 2017: 2.6%
Global reserve currency
medium
Currency of international trade
weak
United Kingdom's exit from the European Union
strong
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.
The British pound today declined slightly against the US dollar even as Brexit jitters continued to weigh down the cable. The pound was further affected by the DUP’s resistance to the current Brexit deal given that Theresa May needs the 10 votes from DUP members led by Arlene Foster in order to have a majority in the House of Commons.
The British pound today crashed to new 2-week lows after two UK Ministers and a junior minister led by former Brexit Secretary Dominic Raab resigned following yesterday’s draft Brexit deal. The Sterling was further weighed down by the disappointing retail sales data released earlier today, which pointed a grim picture of the UK economy.
The Sterling pound today traded lower against the US dollar as markets awaited the crucial meeting between the British PM Theresa May and her cabinet to approve the draft Brexit deal. The pound declined further following the release of weak UK consumer price index report in the early London session, which further soured investor sentiment towards the Sterling.
The British pound today rallied higher and recovered from a 3-day losing streak as investors hoped for a breakthrough in Brexit negotiations. However, the lack of any tangible progress in the Brexit proceedings and the mixed UK jobs report released today stalled the cable’s rally.
The British pound today declined against the US dollar as investors remained cautious towards the cable given the looming uncertainty over Brexit negotiations. The GBP/USD currency pair’s performance was also affected by the strong greenback as the US Federal Reserve reiterated its resolve to hike rates in December.
The British pound today rallied to new highs against the US dollar following Brexit rumors that the British PM Theresa May had signed a deal with the EU on the financial services sector. The pound was further boosted by the Bank of England‘s monetary policy decision, which helped it rally against the greenback despite mixed US macro releases.
The British pound today traded in a tight range against the US dollar on the latest BoE credit data even as investors await the autumn UK budget speech later today. The pound’s slight rally was supported by the improved risk sentiment among investors, which supported the cable and prevented it from falling further.
The Great Britain pound sank on Monday against all other most-traded currencies, including the euro that was extremely weak itself, amid the negative Brexit headlines, which made the currency unappealing to investors.
The British pound today traded sideways against the US dollar following the failed Brexit talks during yesterday’s meetings between EU leaders and British PM Theresa May. The pound was further weighed down by the release of the latest UK retail sales data in the early European session, which missed expectations by a significant margin.
The British pound today fell significantly against the dollar following the release of the latest UK inflation data, which missed expectations. The pound was also weighed down by the ongoing European Union Brexit summit, which is not expected to result in a deal.
