Sterling turns positive as dollar wavers and PM Truss defends economic plans
2 years, 3 months ago

Sterling turns positive as dollar wavers and PM Truss defends economic plans

The Hindu  

Sterling fell as much as 1% on Thursday before cutting losses and turning positive as the dollar wavered and British Prime Minister Liz Truss defended the government's economic plans. Truss said big tax cuts were the right path for Britain and refused to consider reversing the so-called "mini budget" laid out last week, which triggered chaos in markets. Adam Cole, head of foreign exchange strategy at RBC Capital Markets, said the driver in the market was the dollar, which picked up in Asian trading but later fell back. One analyst said they were Pensions funds have been heavily selling gilts in recent days after the market falls triggered calls for collateral payments on their gilt derivatives positions, analysts and pensions advisers said.

Market Dollar Sterling Pound Boe Economic Plans Truss Defends  dollar  turns  markets  wavers  economic  plans  pound  positive  right  sterling  uk  problem  truss  defends  market

History of this topic

Sterling slides for a fourth day amid bond market turmoil
5 days, 2 hours ago

Sterling slides for a fourth day amid bond market turmoil

Live Mint  

By Greta Rosen Fondahn Jan 10 - Sterling continued its slide on Friday, its fourth day of falls, as elevated global bond yields kept the currency under pressure. Global borrowing costs have soared amid concerns about rising inflation, reduced chances of a drop in interest rates, and uncertainty over how U.S. President-elect Donald Trump will conduct foreign or economic policy. …

Global stocks tumble and pound weakens as investors digest UK Budget
2 months, 2 weeks ago

Global stocks tumble and pound weakens as investors digest UK Budget

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Top global markets tumbled into …

Pound falls as OBR says economy set to shrink by 2% in long recession
2 years, 1 month ago

Pound falls as OBR says economy set to shrink by 2% in long recession

The Independent  

The pound fell sharply on Thursday after Jeremy Hunt’s autumn statement revealed a painful era of austerity ahead while the fiscal watchdog forecast Britain’s economy will shrink by 2% over a lengthy recession. There is a high probability that real GDP outturn will prove lower than the OBR’s forecast, while inflation remains stickier in the short term, adding to the …

As Rishi Sunak assumes PM's office, Pound seems to be on recovery path
2 years, 2 months ago

As Rishi Sunak assumes PM's office, Pound seems to be on recovery path

India Today  

Hours after Rishi Sonak became Britain's third Prime Minister in two months on Tuesday, the British Pound witnessed a surge on improved risk sentiment and the dollar dipped to a three-week low. The announcement of former British PM Liz Truss's tax-cut policy sent the Pound Sterling crashing to a record low against the US Dollar last month. "Beyond a brief …

Pound claws back losses after fall to $1.10 following Liz Truss's resignation
2 years, 2 months ago

Pound claws back losses after fall to $1.10 following Liz Truss's resignation

Daily Mail  

The pound - which briefly rallied after Liz Truss resigned - has plunged to its lowest level all week as Boris Johnson was floated as her possible replacement. The pound clawed back most of its losses after falling sharply on Friday morning following Liz Truss's resignation on Thursday It was a grim sight for those looking at the pound to …

UK reports bleak economic data, pound slips amid political crisis
2 years, 2 months ago

UK reports bleak economic data, pound slips amid political crisis

Al Jazeera  

The pound sinks against the US dollar while the latest official data shows the UK government borrowing surge and retail sales slump. UK government borrowing surged and retail sales slumped in September, official data showed on Friday, while the British pound sank against the US dollar on political uncertainty after the resignation of UK Prime Minister Liz Truss. Public sector …

Pound rebounds to levels seen before mini-budget chaos as Chancellor U-turns
2 years, 3 months ago

Pound rebounds to levels seen before mini-budget chaos as Chancellor U-turns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The pound has bounced back …

UK’s Truss defends economic plan that sent pound tumbling
2 years, 3 months ago

UK’s Truss defends economic plan that sent pound tumbling

Associated Press  

LONDON — British Prime Minister Liz Truss on Thursday defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets, saying she’s willing to make “controversial and difficult decisions” to get the U.K. economy growing. In her first public comments since her Conservative government announced billions in unfunded tax cuts last Friday that drove the …

The British pound has taken a tumble. What’s the impact?
2 years, 3 months ago

The British pound has taken a tumble. What’s the impact?

Associated Press  

LONDON — The pound is taking a pounding. “There’s every chance that a falling pound will make life more expensive,” said Sarah Coles, senior personal finance analyst at financial services firm Hargreaves Lansdown. “For anyone whose budget was already stretched to breaking point, this will mean even more pain at the tills.” Finance minister Kwasi Kwarteng hopes that big tax …

Traders bet against sterling as parity with the dollar looms closer
2 years, 3 months ago

Traders bet against sterling as parity with the dollar looms closer

The Telegraph  

The first week of September saw the biggest jump in bets against sterling since November last year as Liz Truss won the Tory leadership race. Antoine Bouvet, strategist at ING, said that the pound “has been trading off fiscal concerns since early August”, calling it a “perfect storm” for UK assets. “Unless something can be done to address these fiscal …

British pound plummets to record low against the dollar
2 years, 3 months ago

British pound plummets to record low against the dollar

CNN  

CNN Business — The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances. The currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would implement the biggest tax cuts in 50 years at the same time as boosting …

British pound plummets to record low against the dollar
2 years, 3 months ago

British pound plummets to record low against the dollar

CNN  

CNN Business — The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances. The currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would implement the biggest tax cuts in 50 years at the same time as boosting …

British pound hits a 37-year low as UK economy skids
2 years, 3 months ago

British pound hits a 37-year low as UK economy skids

CNN  

London CNN Business — The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said that retail sales in August dropped …

The British pound hasn’t been this weak since Margaret Thatcher was prime minister
2 years, 4 months ago

The British pound hasn’t been this weak since Margaret Thatcher was prime minister

CNN  

New York CNN Business — The British pound fell to a 37-year low against the US dollar Wednesday as the United Kingdom grapples with a series of overlapping economic problems with no easy solutions. Meanwhile, Liz Truss is on her first full day in the job as the United Kingdom’s fourth prime minister since the Brexit vote in 2016, and …

Pound plunges to two-year low against dollar on fears for UK economy
2 years, 7 months ago

Pound plunges to two-year low against dollar on fears for UK economy

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Brexit: Pound heading for a crash if Britain fails to get a trade deal
4 years, 1 month ago

Brexit: Pound heading for a crash if Britain fails to get a trade deal

CNN  

London CNN Business — The British pound could plunge by 10% or more if the United Kingdom does not finalize a trade deal with the European Union this weekend. Currency traders who once assumed a deal would be completed before a Brexit transition period ends on January 1 will be nervously watching events over the next 72 hours after British …

Pound falls as optimism fades in last-ditch Brexit negotiations
4 years, 1 month ago

Pound falls as optimism fades in last-ditch Brexit negotiations

Live Mint  

The pound declined as investors questioned how close Britain and the European Union really are to sealing a trade agreement. Monday Blues Traders had speculated on a weekend deal, but pessimism is solidifying, with the relative cost of hedging a weaker sterling over the coming month staging its longest advance in 17 years. “The risk now is that optimism turns …

Pound tumbles against dollar and euro as Ireland roundly rejects Boris Johnson's Brexit plan
5 years, 3 months ago

Pound tumbles against dollar and euro as Ireland roundly rejects Boris Johnson's Brexit plan

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

ALEX BRUMMER: Britain takes a pounding
5 years, 5 months ago

ALEX BRUMMER: Britain takes a pounding

Daily Mail  

The dilemma for Bank of England interest rate-setters as they head towards the August meeting and release of the Inflation Report gets tougher by the day. The sharp fall in sterling, as Britain's two prospective prime ministers harden their negotiating positions on Brexit, risks a disorderly few months ahead with the pound moving towards parity against the euro and the …

Sterling wipes out day’s gains amid reports PM is facing no-confidence vote
6 years, 1 month ago

Sterling wipes out day’s gains amid reports PM is facing no-confidence vote

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Sterling plummeted on …

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