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Great Britain Pound GBP
Central Bank: Bank of England
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 dropped to new 10-month lows following the release of disappointing UK retail sales data for June. The GBP/USD currency pair extended its losing streak for the third consecutive day even as investors ditched the pound on Brexit jitters amid recent weak economic releases.
The British pound today rallied slightly higher in the early European session following the release of positive UK jobs data. The pound later witnessed a massive drop following Brexit headlines indicating that some Tory MPs were planning to sabotage PM May’s Brexit negotiating plan.
The British pound today headed lower in the early European session following comments by Donald Trump ahead of his meeting with the British Prime Minister. However, the pound staged a recovery from the early American session as the US dollar experienced a modest retracement upon which the pound capitalized.
The British pound today traded lower against the US dollar even as Theresa May‘s government is buffeted by rebellions from members of her Conservative Party who have resigned from their positions. The pound’s decline was further accelerated by the risk-off sentiment among investors triggered by the imposition of more tariffs by the US government on Chinese exports.
The British pound today rallied higher against the US dollar in the early European session following hawkish comments by the Bank of England Governor Mark Carney. The pound later erased all its gains in the American session following a news report that the German government was unconvinced with the UK’s latest post-Brexit Customs plan.
The Sterling pound today rallied higher against the US dollar following the release of upbeat Markit/CIPS UK Construction PMI data in the early European session. The pound’s rally drove the GBP/USD currency pair higher even as uncertainty loomed over the Brexit negotiations.
The Great Britain pound fell today despite the manufacturing data that was above expectations. Traders were still concerned that the United Kingdom and the European Union may not reach a Brexit deal before the UK officially severs ties with the EU.
The Great Britain pound rallied today thanks to positive macroeconomic reports released in the United Kingdom. The most notable of them was the positive revision to gross domestic product.
The Great Britain pound fell against its major rivals today, though currently the sterling managed to erase losses against some of them. The possible reasons for the decline were the strength of the US dollar and the dovish Financial Stability Report.
The Sterling pound today fell to new lows against the US dollar following a dovish speech by the Bank of England‘s newest member Jonathan Haskel at his appointment hearing before the UK Parliament. Haskel’s comments coupled with renewed US dollar demand served to trigger the selling of the pound given that Haskel is replacing a hawkish BoE member.
