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Economy News

Latest 10 news items tagged Economy from our financial blog...

British Pound to Australian Dollar Exchange Rate Drops Back from 2020 Best on Surprising Australian Job Report Published: 23 Jan at 3 PM 2020
The British Pound to Australian Dollar (GBP/AUD) exchange rate has seen significant gains over the past week, but the pair has finally cooled after yesterday’s volatile movement thanks to some strong Australian data. As Australia’s latest job market report was strong, it helped the Australian Dollar to rebound from its recent lows. Since opening this week at the level of 1.8925, GBP/AUD has spent most of the week climbing. GBP/AUD gained significantly from Monday through Wednesday, briefly touching on a high of 1.9219 yesterday....
Pound Euro (GBP/EUR) Exchange Rate Falls as Markets Fear Hung Parliament Published: 12 Dec at 4 PM 2019
The Pound Sterling Euro (GBP/EUR) exchange rate was volatile, as British voters took to the polls on Thursday, leaving the pairing trading around €1.1819. Over the course of the week, the Pound has been buoyed by Brexit optimism reaching a two-and-a-half-year high against the single currency. Overnight, GBP volatility increased to the highest level seen since the 2016 Brexit referendum, and it is likely the Pound will move sharply once the election results are in. Jitters were sent through the market after a YouGov poll on...
British Pound to Euro Exchange Rate Knocked from 6-Month Best as Markets Digest Election News and Ecostats Published: 12 Nov at 1 PM 2019
Following a jump in demand for the Pound yesterday, the British Pound to Euro (GBP/EUR) exchange rate has seen more mixed movement today. Investors sold the pair from its best levels overnight, but UK election hopes and mixed Eurozone data have meant that its losses are limited. As a result, GBP/EUR is on track to have sustained most of the gains seen in recent weeks. Last week saw modest gains for GBP/EUR, as the pair advanced slightly from 1.1583 to 1.1595 throughout the week. This week’s gains have been more solid so far....
British Pound to US Dollar Exchange Rate May Soar Higher if Federal Reserve Turns Dovish Published: 13 Sep at 5 PM 2019
While the Pound’s late-week gains on Brexit hopes were volatile and likely temporary, the British Pound to US Dollar (GBP/USD) exchange rate still sustained impressive gains last week overall. The US Dollar struggled to avoid losses against Sterling due to expectations for the Federal Reserve to cut US interest rates next week. After opening last week at the level of 1.2281, GBP/USD saw a jump in demand on Monday and sustained those gains for the remainder of the week. GBP/USD surged again on Friday. While the pair was unable to...
Pound New Zealand Dollar (GBP/NZD) Falls as BoE Warns of Likely Brexit Recession on No-Deal Published: 1 Aug at 5 PM 2019
The Pound New Zealand Dollar (GBP/NZD) exchange rate eased today, leaving the pairing fluctuating around NZ$1.850. Sterling fell against the New Zealand Dollar following the announcement of the Bank of England’s interest rate decision today, which held at 0.75%. However, Mark Carney, the Governor of the BoE, was downbeat in his forecast, saying that the UK could face a likely recession on a no-deal Brexit – a prospect that now looks highly likely. Mr Carney said: ‘After a no-deal Brexit, sterling would likely fall, risk...
Pound Canadian Dollar (GBP/CAD) Exchange Rate Plummets by -0.9% as No-Deal Brexit Fears Return Published: 16 Jul at 5 PM 2019
The Pound Canadian Dollar (GBP/CAD) exchange rate dropped by -0.9%, leaving the pairing fluctuating around CA$1.618. Sterling plummeted against many of its competitors today as no-deal Brexit fears soared following Tory leadership hopefuls Boris Johnson and Foreign Secretary Jeremy Hunt have hardened in their position on the Northern Irish backstop. Both potential prime ministers commented that the backstop idea was effectively ‘dead’, and would not be included in negotiations with the European Union. Neale Richmond, the...
Pound Mexican Peso (GBP/MXN) Exchange Rate Soars as Mexican Finance Minister Resigns Published: 10 Jul at 5 PM 2019
The Pound Mexican Peso (GBP/MXN) rose by 0.8% today and is currently trading around Mex$ 24.0719 on the interbank market. The Mexican Peso (MXN) plummeted following the resignation of the Mexican Finance Minister Carlos Urzua. Mr Urzua resigned with little positive to say about Mexican economic policy. He said: ‘I am convinced that all economic policy should be realized based on evidence. However, during my tenure these convictions were not echoed.’ Edward Glossop, a Latin America Economist at Capital Economics, said...
Pound Danish Krone (GBP/DKK) Exchange Rate Steadies despite Weak UK Construction Figures Published: 2 Jul at 5 PM 2019
The Pound Danish Krone (GBP/DKK) exchange rate fell by -0.2% today and is fluctuating around 8.3450kr on the interbank market. Sterling (GBP) fell against the Danish Krone (DKK) following the publication of the UK construction PMI figures for June, which fell deeper into contraction from 48.6 to 43.1. Tim Moore, an Associate Director at IHS Markit, was downbeat, saying: ‘The latest survey reveals weakness across the board for the UK construction sector, with house building, commercial work and civil engineering activity all...
Euro US Dollar Exchange Rate Rises despite German Business Expectations Nearing 5-Year Low Published: 24 Jun at 4 PM 2019
The Euro US Dollar exchange rate edged higher today and is currently trading around $1.1392 on interbank market. The Euro rose despite the publication of the German IFO business expectations figures for June, which eased below the forecast 94.5 decrease to 94.2 – a near five-year low. This has left many single currency traders jittery as the Eurozone’s largest economy shows signs of slowing down. Analysts at Capital Economics, commented: ‘There are two likely reasons for the deterioration in business expectations....
Euro to Australian Dollar Exchange Rate Hits Best since January on Solid Eurozone Data and RBA Rate Cut Bets Published: 15 May at 1 PM 2019
The Euro to Australian Dollar (EUR/AUD) exchange rate’s rally has lasted for almost a full month now, and the pair is looking on track to sustain another strong set of gains this week unless tomorrow’s highly anticipated Australian job market report beats market expectations. Following last week’s climb from 1.5975 to 1.6050, EUR/AUD has seen even stronger gains this week already due to another Australian Dollar selloff. At the time of writing on Wednesday, EUR/AUD was trending close to its weekly high of 1.6199, which was also...