The Pound recovered from losses at the start of the week to climb higher after the UK’s services PMI revealed the sector grew at its fastest rate in 24 years. Meanwhile, the US Dollar benefitted from several upbeat US data releases before plunging as May’s payrolls report fell below expectations. Pound Buoyed by Impressive Service … Read more Weekly Update: USD Dented by US Payrolls, Pound Rallies
Pound News: Sterling Supported by UK PMIs The Pound has strengthened today following the release of the latest PMI data from the UK for May. The services sector saw the fastest rate of output growth for 24 years as the economy continues to recover from the worst of the coronavirus pandemic. Heading into the weekend, … Read more Pound Strengthens on UK Data, USD Recovery Dents Euro
Pound News: Could Covid-19 Fears Delay UK Lifting of Lockdown? The Pound is shedding ground today despite being at a three-year high against the weaker US Dollar on Monday. In UK economic data news, today saw the release of the latest manufacturing PMI for May, which fell below consensus from 66.1 to 65.6 but still … Read more Euro Rises as Eurozone Factory Activity Soars, Pound Slips
The Pound rallied from its worst level since mid-May this week in response to hawkish comments from a Bank of England (BoE) policymaker. At the same time, the US Dollar spent most of the week on the defensive as a prevailing risk-on mood sapped demand for the safe-haven currency. Pound Rallies on Hawkish BoE Comments … Read more Weekly Update: Pound Rallies on BoE Remarks, USD Stumbles in Upbeat Trade
Pound News: Sterling Lacks Direction on Indian Variant Concerns The Pound has been mixed for much of the day as concerns over the Indian variant of coronavirus and rising infections continue to drag down Sterling sentiment. In addition, a testimony by former government aide Dominic Cummings has drawn criticism for how the UK government responded … Read more Pound Mixed, US Dollar Stems Losses
Pound News: Sterling Weakens on Indian Variant Concerns The Pound has struggled for much of the day due to concerns over the Indian variant of coronavirus as more cases are found across the UK. Investors are becoming increasingly concerned that the variant could derail the UK’s lockdown easing plans. A quieter economic week for the … Read more Pound Struggles amid Coronavirus Concerns
Pound News: Sterling Mixed after UK Inflation Rate Data The Pound has been mixed for much of the day following the latest inflation rate data from the UK. Annual inflation more than doubled to 1.5% in April, the highest level seen since the beginning of the pandemic. In the absence of significant data releases on … Read more Pound Mixed Following UK Inflation Rate Data
Pound News: Sterling Steady as UK Lockdown Eases The Pound has held steady for much of the day following the latest lockdown easing across many parts of the UK. The third stage of the roadmap out of lockdown in England has seen indoor hospitality including pubs and restaurants reopen. However, investors are becoming increasingly concerned … Read more Pound Steady as UK Lockdown Eases
The Pound benefited from a notable relief rally this week, as any immediate fears of a Scottish independence referendum were eased by the SNP’s failure to secure a majority in last week’s election. At the same time, a stronger-than-expected jump in US inflation propelled the US Dollar higher this week. Pound Surges as Political Uncertainty … Read more Pound Skyrockets, USD Bolstered by Soaring Inflation
Pound News: Sterling Firms on Latest UK GDP Data The Pound has been steady for much of the day following the latest UK GDP release this morning which, although confirmed a contraction in growth during Q1, also showed that the economy grew by 2.1% in March, the most since August as the UK began to … Read more Pound Strengthens, USD Rebounds as Inflation Surges