The British pound today performed better against most of its main competitors as markets await the vote by the House of Lords on triggering article 50. The British pound was one of the better performing currencies during the European session as the American market remained closed due to the celebration of Presidents’ Day in the USA.
Great Britain Pound GBP
Central Bank: Bank of England
Public Debt to GDP Ratio, 2015: 90.6%
Trade Balance, 2015: -$175.1 bln.
Inflation, 2015: 0.1%
Global reserve currency
Currency of international trade
Factors of Weakness
United Kingdom's exit from the European Union
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 today as Britain’s retail sales logged an unexpected decline last month, continuing the trend of worse-than-expected economic releases.
The British pound declined against the euro on Thursday, as worries continued following data that revealed weak growth for wages of British workers.
The Great Britain pound fell today, dropping for the second consecutive day against the US dollar and the euro, as wage growth disappointed economists. Other parts of the employment report were not bad though.
The British pound fell against the US dollar and the euro on Monday, after fresh data for inflation in the United Kingdom showed that it remained below estimates.
The British pound traded higher against its main counterparts today as markets expected positive consumer price index data from the UK tomorrow. The British pound strengthened against its main peers despite the lack of any news events in the UK today, notwithstanding the passing of the Article 50 bill in the House of Commons on last week.
The Great Britain pound dropped today, falling against the US dollar for the second consecutive day, even though basically all economic reports released from the United Kingdom over the trading session were better than expectations. The currency had jumped immediately after the releases but retreated later and is trading below the opening level against the US dollar right now.
The Great Britain pound slid against the US dollar and the Japanese yen today as the Brexit uncertainty continued to drive moves of the currency. Meanwhile, one of the Bank of England policy makers said that an interest rate hike may be required soon.
The Great Britain pound declined against most of its major rivals as economic data released over the trading session was not positive for the currency, while concerns about the Brexit erode investors’ interest in British assets.
The GBP/USD lost significant ground in the early hours of the North American session as the US dollar gained strength and traded higher than in the previous session. The British pound weakened significantly against the US dollar after an announcement from Theresa May’s office indicated that her government was committed to its Brexit agenda.