Latest 10 news items tagged Economy from our financial blog...
Pound Euro (GBP/EUR) Exchange Rate Steady as England’s Covid-19 ‘Pingdemic’ Threatens Economic Recovery
Published: 29 Jul at 3 PM 2021
The Pound Euro exchange rate held steady today as the UK’s ‘pingdemic’ crisis, with the NHS Covid-19 track-and-trace app contacting nearly 700,000 people in the past week, has dampened confidence in the UK’s economic recovery. The pairing is currently fluctuating around €1.17.
Health secretary Sajid Javid also added that ‘no one really knows’ which direction the Covid-19 pandemic will progress from here.
Consequently, confidence in the UK’s economy is quickly fading, with fear that the ‘pingdemic’ could hold...
Pound Australian Dollar Exchange Rate Steady as UK Factory Output Soars
Published: 22 Jul at 3 PM 2021
The Pound to Australian Dollar exchange rate held steady today following the release of the latest UK factory output and orders data, which surged at its quickest rate since 1974. The pairing is currently fluctuating around AU$1.86.
Rain Newton-Smith, the chief economist at CBI, however warned:
‘Businesses have already endured a prolonged period of inhibited demand, so it is vital that government now takes all possible steps to protect this resurgence in activity.’
Today also saw the Bank of England’s (BoE) deputy governor,...
Pound Euro Exchange Rate Falls on Growing Concerns Over the UK’s Jobless Crisis
Published: 8 Jul at 2 PM 2021
The Pound Euro exchange rate fell by -0.8% today as worker shortages and England’s rising unemployment crisis weighs on confidence in the nation’s economy. The pairing is currently fluctuating around €1.16.
GBP suffered following figures from the jobs websites Adzuna and Indeed showing that hospitality, transport, care, and manufacturing sectors had suffered huge hiring challenges.
The Organisation for Economic Co-operation and Development (OECD) commented:
‘As economies roll out their recovery plans in coming months,...
GBP/EUR Exchange Rate Sinks as UK PM Warns of ‘Extra Precautions’ After July’s Lifting of Lockdown Measures
Published: 1 Jul at 4 PM 2021
The Pound Euro exchange rate fell by -0.3% today following news that the UK-EU financial services equivalence deal ‘has not happened’, according to UK Chancellor Rishi Sunak. This left the pairing trading around €1.16 at the time of writing.
Sterling has suffered from growing concerns over tensions between the UK and the EU, despite the Chancellor’s reassurances that Europe will remain a ‘close partner and ally’.
ITV business and economics editor Joel Hills commented:
‘Chancellor confirms that UK has given up...
Pound Euro Exchange Rate Falls as Bank of England Shocks Markets With Surprisingly Dovish Statement
Published: 24 Jun at 5 PM 2021
The Pound Euro exchange rate fell by -0.5% today after the Bank of England (BoE) released a surprisingly dovish statement about UK growth and inflation, which it said would likely be ‘temporary’. The pairing is currently fluctuating around €1.16.
Sterling struggled today after the BoE predicted that inflation is likely to rise above 3% as the UK’s economy continues to gather pace.
However, the Bank also said that the spike in inflation was likely ‘transitory’.
Members of the Monetary Policy Committee (MPC)...
Pound Euro Exchange Rate Steady Ahead of ECB Rate Decision
Published: 10 Jun at 12 PM 2021
The Pound Euro exchange rate held steady today ahead of the European Central Bank’s (ECB) interest rate decision, which is expected to remain at 0%. The pairing is currently trading around €1.15.
The Euro failed to gain on the Pound (GBP) with Eurozone markets speculating over whether the ECB will dial back its Pandemic Emergency Purchase Programme (PEPP) in light of the improving outlook for the bloc’s economy thanks to intensive vaccination programmes.
Any signs of a more bullish ECB today would boost the Euro to Pound...
Pound Japanese Yen Exchange Rate Edges Higher as UK Services Sector Growth Hits 24-Year High in May
Published: 3 Jun at 2 PM 2021
The Pound Japanese Yen exchange rate rose by 0.2% today as UK service sector growth hit a 24-year high in April. The pairing is currently fluctuating around ¥ 155.67.
Sterling benefited from the release of the latest UK services PMI for May today, which beat forecasts and rose from 61.0 to 62.9 last month.
Tim Moore, economics director at IHS Markit, commented on the figure, highlighting the increasing chances of strong growth this quarter:
‘UK service providers reported the strongest rise in activity for nearly a...
GBP/NZD Exchange Rate Dips Despite Hawkish Bias from the Reserve Bank of New Zealand
Published: 27 May at 10 AM 2021
The Pound New Zealand Dollar (GBP/NZD) exchange rate fell by -0.2% despite the Reserve Bank of New Zealand’s (RBNZ) hawkish bias this week by forecasting a possible rate hike next year. The pairing is currently trading around NZ$1.93.
The New Zealand Dollar’s gains against the Pound – which shot up by 1% yesterday – proved to be short-lived as New Zealand-China trade relations continue to show signs of souring.
New Zealand’s foreign minister Nanaia Mahuta warned about growing tensions between New Zealand and Beijing,...
Pound Euro Exchange Rate Sinks as Indian Variant Fears Dampen Confidence in UK Economy
Published: 20 May at 2 PM 2021
The Pound Euro exchange rate fell by -0.2% today as the Indian variant of Covid-19 has weakened confidence in the UK’s ability to recover its economy in the months ahead. The pairing is currently fluctuating around €1.15.
Sterling traders have become increasingly jittery over the prospect of a delay in the Government’s efforts to ease lockdown restrictions. The new strain of Covid-19 – the Indian variant – has raised concerns over increased levels of transmissibility of the virus.
As a result, UK markets are becoming more...
Pound Japanese Yen Exchange Rate Falls Despite Growing Confidence in UK Economic Outlook
Published: 13 May at 2 PM 2021
The Pound Japanese Yen exchange rate fell by -0.2% today despite growing confidence in the UK economy after GDP data for March rose by 2.1%. The pairing is trading around ¥153.79 at the time of writing.
Sterling benefited yesterday as the latest UK growth data highlighted that the nation’s economy had improved from the Government’s successful rollout of Covid-19 vaccines.
However, the UK economy struggled in the first quarter of this year, falling by 1.5%.
UK Chancellor Rishi Sunak was however confident about March’s...