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Great Britain Pound GBP
Central Bank: Bank of England
Public Debt to GDP Ratio, 2016: 92.2%
Trade Balance, 2016: -$169.5 bln.
Inflation, 2016: 0.5%
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 GBP/USD currency pair today traded sideways after a major down slide occasioned by yesterday’s FOMC statement, which outlined a hawkish tone. The release of the public sector borrowing by the Office for National Statistics had minimal impact on the British pound even as the US dollar held on to gains made yesterday.
The Great Britain pound climbed today after retail sales rose last month much more than was anticipated. The currency trimmed its gains by now, losing them against the Japanese yen completely.
The Great Britain retreated versus the euro today after six consecutive sessions of gains. The currency remained stable against the US dollar and continued to rally versus the Japanese yen.
The Great Britain pound surged during the past trading week, propelled by interest rate hike speculations. Meanwhile, safe currencies found little demand as risk appetite came to the market.
The GBP/USD currency pair today rallied to new highs following hawkish comments by the Bank of England‘s MPC member Gertjan Vlieghe. The policy-maker’s comments were taken from his early morning speech on ‘real interest rates and risks‘ and published by Reuters.
The British pound jumped against its major counterparts on Thursday after UK policymakers hinted that interest rates may be raised relatively soon.
The Great Britain pound demonstrated mixed performance today, rising against some majors, while falling versus others. That could be explained by the Wednesday’s release of employment data, which had both good and bad parts.
The British pound today rallied to new yearly highs against the US dollar after the release of headline UK inflation data, which beat expectations, early in the European session. The stronger US dollar, as tracked by the US Dollar Index, could not derail the pound’s strong rally even as US treasury yields rallied higher.
The GBP/USD currency pair today rallied to new highs after the release of positive UK industrial production data by the Office for National Statistics early in the European session. The selling tone around the US dollar also contributed to the currency pair’s rally even as the US Dollar Index hit yearly lows earlier today.
The GBP/USD currency pair (also know as the Cable) rallied today on the back of the US dollar’s weakness. The Great Britain pound fell against other currencies, though. In fact, there were speculations that the sterling may reach parity with the euro.
