British Pound Sterling Daily Market Updates with latest GBP exchange rates, charts and rate changes in the major GBP cross currency pairs for day, week and quarter periods.
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The greenback appears to have treaded water in a very quiet, slightly nervous overnight session. Yesterday afternoon, a re-hashed comment by US Treasury Secretary Steven Mnuchin supporting a “strong dollar”, lifted the US dollar across the board.
Shortly afterwards, the ECB’s Ewald Nowotny, musing about how the central bank could end quantitative easing, said “The American model was to finish bond purchases first, but this model might not transfer well to Europe, then added, “interest rates also wouldn’t have to be increased simultaneously nor to the same extent.”
“The ECB could also raise the deposit rate earlier than the prime rate,”
Traders only saw the last line, about interest rates rising, and EURUSD soared along with EUR crosses, including EURCAD. View article >
The Pound (GBP) received an unexpected boost yesterday as a Bank of England (BoE) policymaker broke ranks and voted to raise interest rates in the March meeting.
While the monetary policy committee (MPC) ultimately voted 8-1 to leave interest rates unchanged at a record low of 0.25%, the dissent from Kristin Forbes was enough to send markets crazy as she argued that the rapid rise in inflation and strong employment stats were indications that the BoE should be looking to tighten monetary policy. View article >
The US dollar was thrashed after the delivered what can best be described as a “doveish rate hike” on Wednesday. That moved had been well-telegraphed by Fed officials well ahead of time which gave rise to expectations for an upward shift in the pace of 2017 rate increases. It didn’t happen.
Traders bailed out of long US dollar positions and the greenback dropped across the G10 currency bloc. View article >
The Pound (GBP) softened this morning against the majority of its peers as markets await the results of the Bank of England’s (BoE) latest policy meeting.
Despite a report from The Times suggesting that the Bank may begin discussing the possibility of a rate hike following the uptick in inflation, most economists forecast that the BoE will announce that interest rates will be kept at record lows today. View article >
The US dollar dipped in an active overnight session with data, headlines and today’s FOMC meeting all playing a role.
Sterling edged lower in an orderly manner in Asia, falling from 1.2225 to 1.2200. Not so in Europe. GBPUSD crashed and plunged to 1.2111 from 1.2200. It has struggled to recover.
USDJPY was up and down inside a tight 114.58-114.78 range, inching higher in Asia and fading in Europe. View article >
The Pound (GBP) rallied from multi-week lows against the other majors this morning following a report from the Times that the Bank of England (BoE) may consider raising interest rates soon.
Analysts for the newspaper believe that the Bank should begin planning a rate hike to 0.5% in reaction to the accelerated rate of inflation.
However Sterling is likely to cede some of this morning’s gains later in the day as economists predict that the latest employment data will report a fall in Average Earnings at the start of the year. View article >
The British House of Commons rejected the House of Lords amendment of the Article 50 bill which would have forced the government to seek parliamentary approval to leave the EU without a trade deal. The Bill returns to the House of Lords where they are expected to pass it as written. Article 50 is expected to be triggered by the end of the month. View article >
The Pound (GBP) plummeted against the rest of the majors this morning as markets were spooked by parliament’s decision to pass the government’s Brexit bill without amendments.
Investors had hoped that MPs would back alterations made by the House of Lords that would ensure parliament had the final say on the terms of leaving the EU, however the lower house voted overwhelming to pass the bill without these changes. View article >
The US dollar continued to slide due to additional profit-taking, position adjustment ahead of this week’s FOMC meeting. Friday’s strong nonfarm payrolls report essentially confirmed that a rate hike on Wednesday was a done deal.
AUDUSD started off slowly but managed to climb to 0.7586 from 0.7535 on a bounce in gold and copper prices but mostly on profit taking as long dollar positions got trimmed. View article >
The Pound (GBP) rallied against the majority of its peers this morning, reversing some of the damaged done to the currency during last week’s session.
Reports suggest that Prime Minister Theresa May will finally trigger Article 50 this week, likely causing Sterling to tumble as markets fear the uncertainty that two years of negotiations will bring. View article >
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