The British pound declined on Wednesday, as traders felt more anxious about the future road of Brexit. Recent comments from UK Prime Minister Theresa May increased fears of a hard Brexit and overshadowed strong economic data.
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 remained weak during the current trading session following yesterday’s comments from Britain’s Prime Minister Theresa May even though she claimed that media misinterpreted her words.
The Great Britain pound fell against its most-traded peers, dropping to the lowest level since October against some rivals, during Monday’s trading as comments from Britain’s Prime Minister Theresa May fueled concerns about the “hard” Brexit.
The British pound had some minor gains against the dollar on Wednesday, while remaining largely unchanged against the euro. The British currency benefited from fresh data that showed improving construction sector and higher consumer credit in the United Kingdom.
The British pound touched its lowest level in two months against the US dollar on Tuesday, as the greenback gained more strength against its main peers. Traders expect the US currency to continue its strong performance in the first quarter of 2017.
There was minimal upward movement in the Great Britain pound despite positive economic data released today by the Office for National Statistics indicating that the UK economy was experiencing positive growth. The pound rose briefly against other currencies such as the euro and the US dollar before retracing its gains.
The Great Britain pound fell a bit on Wednesday, though paused its decline during Thursday’s early trading. The currency started a rally in October but has halted it in the middle of December and now is in a bearish mode.
The British pound moved lower against the US dollar and the euro on Tuesday, as Scotland’s First Minister Nicola Sturgeon and UK Prime Minister Theresa May disputed over the future of the UK in the European Union.
The British pound opened the week on a negative note today, as thin trading volumes pushed the currency lower against its major peers. Increasing uncertainty toward Brexit caused the British pound to decline for the past two weeks against the US dollar.
The British pound moved higher against the US dollar on Wednesday as fresh employment numbers in the United Kingdom appeared positive. However, the British currency’s gains were limited as traders braced for a monetary policy decision from the US Federal Reserve.