The Great Britain pound dropped today after the Bank of England cut its interest rates, expanded its stimulus program, and lowered the growth forecast.
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 was falling today and continued to decline after the poor report about the UK services sector. Yet now the currency has reversed its movement and trades close to the opening level.
The Great Britain pound moved lower against its major rivals during Monday’s trading as the nation’s manufacturing sector contracted in July even more than had been previously estimated.
UK pound is struggling today against its major counterparts, even though recent data has been so positive. With concerns about the upcoming Bank of England meeting and fall out from the recent Brexit vote, it’s clear that the focus isn’t on the most recent data reports.
Thanks to the Brexit vote, confidence in the UK economy is poised for big losses. The latest PMI reading — a special reading by Markit — indicates that things could be headed for trouble. Sterling is dropping dramatically on the news, losing ground to its major counterparts.
The Great Britain pound climbed today after the Bank of England surprised markets, leaving its monetary policy unchanged.
The Great Britain pound jumped today as the market sentiment continued to improve following the news about Britain getting a new Prime Minister. The currency demonstrated the biggest one-day gain since the huge drop after the Brexit vote.
Things were not looking good for the Great Britain pound after the Britons had decided to the leave the European Union, and nothing has changed yet. In fact, the bearish outlook gains strength.
The Great Britain pound bounced during the American trading session as one of the contenders for the Prime Minister seat has exited the race, leaving just one candidate for the office. This reduced political uncertainty in the country that is getting ready for leaving the European Union.
The Great Britain pound fell against the US dollar and the euro during the current trading session as market participants were betting on monetary easing from the nation’s central bank at this week’s policy meeting.