Latest 10 news items tagged Euro Crisis from our financial blog...
Pound to Euro Rises, UK Hopes to 'Turn the Tide' of the Coronavirus in 12-Weeks
Published: 20 Mar at 5 PM 2020
The Pound Euro (GBP/EUR) exchange rate recovered from its 11-month lows against after the Bank of England (BoE) cut its interest rates to an all-time low of 0.1%. The Bank also announced £200bn of money creation to help the UK’s economy throughout the coronavirus pandemic.
Tom Stevenson, an Analyst at Fidelity International, commented ‘Britain is now a whisker away from the negative interest rate club.’
‘Rates have never been this low in the more than 300-year history of the Bank of England. Purchases of government and...
Pound US Dollar (GBP/USD) Plummets to Lowest Level Since 1985
Published: 18 Mar at 5 PM 2020
The Pound US Dollar (GBP/USD) plummeted by over -2% and is currently trading around $1.17, its lowest level since 1985. Traders have flocked to the safe-haven refuge of the US Dollar (USD) today with the ongoing coronavirus crisis threatening to push the global economy into a recession.
Thomas Flury, a Currency Strategist at the Swiss Bank UBS, explains: “The main reason for dollar demand is liquidity concerns: In volatile times, companies and investors need dollars to settle transactions.”
“As long as these concerns persist,...
British Pound to Japanese Yen Exchange Rate Nears Monthly Best as Risk-Sentiment Returns
Published: 19 Feb at 4 PM 2020
Despite the Pound tumbling against most major currencies today, the British Pound to Japanese Yen (GBP/JPY) exchange rate continued to climb. While the pair has struggled to hold its best levels, investors are selling safe haven currencies like the Japanese Yen due to coronavirus developments and this is making it easier for the pair to avoid losses.
Following last week’s solid GBP/JPY advance from 141.43 to 143.23, GBP/JPY is continuing to advance this week.
GBP/JPY briefly dipped on Monday, but since then has been advancing...
British Pound to Australian Dollar Exchange Avoids Losses despite Strong Australian Inflation Report
Published: 29 Jan at 5 PM 2020
Despite some strong Australian data published today, the Australian Dollar was unable to sustain much of a recovery from this week’s tumbles and the British Pound to Australian Dollar (GBP/AUD) exchange rate continued to trend high.
Since opening this week at the level of 1.9154, GBP/AUD has been trending higher due largely to global market concerns over a coronavirus outbreak spreading in China.
GBP/AUD touched on a monthly high of 1.9350 yesterday, and while strong Australian data has helped the ‘Aussie’ to rebound slightly...
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....
Pound Australian Dollar (GBP/AUD) Exchange Rate Flat as MPs Agree to Pre-Christmas Election
Published: 30 Oct at 1 PM 2019
The Pound Sterling Australian Dollar (GBP/AUD) exchange rate was left muted today, as MPs began preparations for a pre-Christmas election, leaving the pairing trading around AU$1.8795.
Sterling was supported this week on increased hopes the UK will avoid crashing out of the European Union without a deal thanks to a three-month ‘flextension’ granted by EU leaders.
Prime Minister Boris Johnson has said the election will break the current Brexit deadlock that has plagued parliament, preventing the UK from leaving the bloc....
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...