The Sterling pound today succumbed to pressure and fell from its daily highs despite the release of upbeat UK flash PMIs by Markit Economics in the early London session. The GBP/USD currency pair spiked higher briefly before falling as investors fear a rate cut by the Bank of England at their monetary policy meeting next week.
The Great Britain pound continued to be the strongest currency on the Forex market thanks to domestic macroeconomic data. Today, a manufacturing report from the Confederation of British Industry was the reason for the sterling’s amazing performance.
The Great Britain pound was the strongest major currency on the Forex market today. The reason for the sterling’s stellar performance was the employment report, which showed record employment among Britons.
The Sterling pound today crashed against the US dollar in the early London session following the release of the disappointing latest UK retail sales report. The GBP/USD currency pair had been trading higher before the release boosted by upbeat investor sentiment before nosediving to its daily lows after the announcement.
The sterling pound today fell to new daily lows against the US dollar following the release of disappointing UK inflation data in the early London session. The GBP/USD currency pair’s decline was also fueled by dovish comments from a Bank of England policymaker increasing the likelihood of future rate cuts.
The pound today rallied briefly against the US dollar during the Asian session after the UK Parliament approved the government’s Brexit withdrawal Bill last night. The GBP/USD currency pair’s rally was short-lived as it later fell in the early London session as after the European Union announced a series of meetings to discuss Brexit.
The Great Britain pound dropped today, though by now it has managed to trim losses against some of its rivals. The main reason for the decline were comments from Bank of England Governor Mark Carney that suggested a possible interest rate cut. Continuing Brexit uncertainty was also hurting the currency.
The US dollar is gaining momentum on Tuesday as new data revealed that the trade deficit fell to its lowest level in more than three years in November. With the US and Iran conflict potentially peaking, investors are gradually returning to equities and the greenback, which is evident in the slump in crude oil prices. A better-than-expected reading in the purchasing managers’ indexes (PMIs) also enhanced the buck’s strength.
The Sterling pound today fell against the US dollar as tensions between the US and Iran escalated overnight and investors dumped riskier assets such as the pound. The GBP/USD currency pair has given up most of the gains made in December following Boris Johnson‘s landslide election win that saw the pair spike to multi-month highs.
The Sterling pound today rallied to 2-week highs against the US dollar on the last trading day of 2019 as investors bid up the pound and sold the greenback. The GBP/USD currency pair rallied higher despite threats from the European Union that the December 2020 deadline is inadequate to complete negotiations with the UK.
