Today Bank of England (BofE) Governor and his Monetary Police Committee (MPC) members decided to keep interest rates on hold at 0.5%.
As my colleague Alastair suggested in his post earlier this week sterling has fallen against all major currencies as the market is now suggesting me may not see an interest rate hike for the remainder of 2018.
To many it is not a surprise the central bank has held rates and you can see a full run down of the meeting minutes here. Sterling reaction came following the negative outlook for growth figures, a follow on from Read More
The Pound gained against the single currency yesterday, pushing into the €1.14’s. It was developments in the Eurozone that caused the move however, rather than any strength in Sterling. There are concerns over political turmoil in Italy due to their inability to form a government, raising fears of fresh elections in the country. This weakened the Euro making it a little cheaper to purchase. Read More
As with many currencies the Australian Dollar has posted some strong gains against the pound in recent weeks having moved from yearly lows of 1.8520/0.5399 at the end March to last weeks high of 1.7920/0.5580, a change of 3.35% in this time. But will this trend last?
It’s been a rather quiet end to the week with nothing of note from the UK. Sterling looked like it was supported a little after the local elections, with the Conservatives doing a little better than expected, but it hasn’t helped boost the Pound all that much.
Sterling exchange rates have come under pressure again this morning following weaker than forecast UK Purchasing Managers Index (PMI) data released at 09:30 this morning. Figures were forecast to come in at 53.5 but were weaker posting levels of 52.8.