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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 fell against the US dollar following the release of the disappointing UK inflation data for August early in the UK session. The GBP/USD currency fell from 8-week highs reached yesterday as investors sold the pound ahead of the much-anticipated FOMC announcement.
The British pound today rallied higher against the US dollar breaking out of a 3-day trading range amid positive Brexit headlines. The GBP/USD currency pair rallied higher after it emerged that the EU was willing to grant an extension of the October 31st Brexit deadline.
The Great Britain pound traded either flat or lower against its most-traded rivals today. Housing data released overnight showed a slight improvement in the market, but it provided little support to the currency.
The Great Britain pound rose against some currencies and traded about flat versus others today. British employment data provided support to the currency, but traders were reluctant to buy the sterling as the situation with the Brexit was very unclear.
The Sterling pound today rallied to new 6-week highs following the release of upbeat monthly UK GDP estimate in the early London session. The GBP/USD currency pair recovered from Friday’s pullback amid renewed investor optimism that a hard Brexit could be avoided.
The Sterling pound today rallied against the US dollar amid hope that British leaders would pass legislation to prevent a no-deal Brexit. The GBP/USD currency pair’s rally was also boosted by other political developments like Jo Johnson‘s resignation, which lead to an early election.
The Great Britain pound jumped today after the latest developments in British politics reduced chances for a no-deal Brexit. That was a huge relief for investors as cutting trading ties with the European Union will likely have a tremendous negative impact on Britain’s economy.
The British pound today rallied from new multi-year lows during the London session amid hopes that British leaders would thwart the government’s attempt to force through a hard Brexit. The GBP/USD currency pair today recovered from multi-year lows below the crucial 1.2000 level as MPs worked hard to pass the Benn bill by Friday in order to stop a no-deal Brexit.
The Great Britain pound crashed today as the combination of negative macroeconomic indicators and continuing political turmoil in the United Kingdom was dragging the currency down. Currently, though, the sterling has managed to bounce, trimming its losses versus most rivals and even gaining on the very weak euro (though currently it is trading about flat versus the shared eurozone currency).
The Great Britain pound slumped on Monday, dragged down by the mix of surprisingly poor manufacturing data and yet more Brexit headlines that suggested the United Kingdom is likely to leave the European Union without a trade deal.
