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Forex News

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

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,...
US Dollar South African Rand (USD/ZAR) Sinks as Fed Rate Cut Odds Rise Published: 10 Mar at 3 PM 2020
The US Dollar South African Rand (USD/ZAR) exchange rate fell by -0.7% today, with the pairing currently trading around R15.920 as the ‘Greenback’ continues to suffer from falling US bond yields and fears of another US Federal Reserve rate cut. Michael Gapen, the Head of US Economics Research at Barclays, commented that the ‘likelihood of getting a zero [per cent interest rate cut from the Fed] is higher than the risk of a recession’. Mr Gapen also added that there is ‘probably a low risk of a recession, a 1 in 4 maybe at...
Pound Jumps 1.2% Against New Zealand Dollar as BoE Leaves Rates on Hold Published: 30 Jan at 4 PM 2020
The Pound New Zealand Dollar (GBP/NZD) exchange rate jumped 1.2% this afternoon following the UK central bank meeting, leaving the pairing trading at around NZ$2.0187. On Thursday, the Bank of England (BoE) left interest rates on hold, stating the economy had picked up since the General Election, meaning further stimulus was not currently needed. Markets had been predicting a 50% chance of Governor Mark Carney using his last meeting to cut rates, meaning GBP received an upswing of support and rallied against the...
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...
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$1.8795. Sterling was supported this week on increased hopes the UK will avoid crashing out of the European Union without a deal thanks to a three-month ‘flextension’ granted by EU leaders. Prime Minister Boris Johnson has said the election will break the current Brexit deadlock that has plagued parliament, preventing the UK from leaving the bloc....
Pound Mexican Peso (GBP/MXN) Exchange Rate Soars as Mexican Finance Minister Resigns Published: 10 Jul at 5 PM 2019
The Pound Mexican Peso (GBP/MXN) rose by 0.8% today and is currently trading around Mex$ 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 Australian (GBP/AUD) Exchange Rate Steadies as Risk-Appetite Returns Ahead of G20 Summit Published: 27 Jun at 2 PM 2019
The Pound Australian Dollar (GBP/AUD) held steady today as ‘Aussie’ traders have been buoyed with a risk-on attitude ahead of tomorrow’s G20 summit in Japan. This came following comments from the US Treasury Secretary, Steven Mnuchin, who said yesterday: ‘We were about 90% of the way there [with a deal] and I think there’s a path to complete this.’ As China is Australia’s closest trading partner, optimism over a US-China trade deal has encouraged traders to invest in the risk-correlated ‘Aussie’. Doubts...
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....
Pound Sterling to US Dollar Exchange Rate Drops -0.6% on Lower BoE Rate Hike Odds Published: 19 Jul at 5 PM 2018
Dwindling Hopes of August BoE Interest Rate Hike Push GBP/USD Exchange Rate Down The Pound (GBP) has tumbled in trading against the US Dollar (USD) today, hitting the lowest exchange rate since early September last year. This significant deterioration for the Pound is down to the latest UK retail sales data, which has shown greater-than-expected declines during June. The concern among GBP traders is that along with this week’s poor wage growth and inflation rate figures, there is now not an argument for the Bank of England...
Pound Sterling to New Zealand Dollar (GBP/NZD) Exchange Rate Rises on UK GDP Upgrade Published: 10 Jul at 2 PM 2018
Daily Pound Sterling News: GBP/NZD Exchange Rate Rises on GDP Acceleration The Pound has shaken off Monday’s GBP/NZD exchange rate losses and risen by 0.5% against the New Zealand Dollar today, thanks to supportive UK GDP data. The Office for National Statistics (ONS) has devised a new method of collating gross domestic product and today has brought its first ‘monthly’ GDP readings. May’s figure has shown an improvement on April’s reading, with growth from 0.2% to 0.3%. Additional support for the Pound has come from...