Saturday, January 19, 2019
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british pound

pound declines most in two months as u.k. re-enters recession

the pound fell the most in two months against the euro after the u.k. economy unexpectedly slipped back into recession, supporting the case for the bank of england to extend its asset-purchase program.

the u.k. currency dropped from a seven-month high versus the dollar after the office for national statistics said gross domestic product contracted 0.2 percent last quarter, after shrinking 0.3 percent in the previous three months. economists surveyed by bloomberg forecast growth of 0.1 percent. standard chartered plc said it was ending its bet the euro will decline against the pound after the “unexpectedly weak” growth report. ten-year gilts declined.

fortucast financial timer - british pound

cash and june british pound

fundamentals: (4/23) the pound remained lower against the u.s. dollar on monday, as market sentiment was hit by downbeat economic data from the euro zone and amid political uncertainty in france and the netherlands, forexpros reported. sentiment waned after data showed that the euro zone's manufacturing output slumped to its lowest level since june 2009 this month, while its services sector fell to a five-month low.

fortucast financial timer - british pound

cash and june british pound

(4/16): the pound reached the strongest level in 18 months against the euro as investors sought the perceived safety of u.k. assets amid concern europe’s debt crisis is deepening, bloomberg news reported. sterling advanced for a second day versus the 17-nation euro after an industry report showed asking prices for u.k. homes increased to a record, adding to signs britain’s economy will outperform europe’s. gilts gained. bank of england policy makers kept their asset-purchase target, or quantitative easing, at 325 billion pounds ($515 billion) at this month’s meeting, the minutes of which will be published on april 18.

fortucast financial timer - british pound

cash and june british pound

(4/19): the pound strengthened to the highest in more than 19 months against the euro for a second day on speculation the bank of england will pause its stimulus program next month amid signs the u.k. economy is improving, bloomberg news reported. sterling slipped from the strongest level in five months versus the dollar. minutes of the bank of england’s latest meeting released yesterday showed officials said inflation may be quicker than previously forecast.

pound declines against euro after moody’s says u.k. credit rating at risk

the pound fell to a two-week low against the dollar after moody’s investors service said britain risks losing its top-grade credit rating should the economy deteriorate.

britain’s currency weakened against the euro, snapping a two-day advance. the driver behind the change to a “negative outlook” for britain’s aaa rated debt is a “weaker macroeconomic environment,” moody’s said yesterday. inflation slowed to the least in 14 months in january and the property market remained sluggish last month, reports showed today. sterling extended its decline against the euro after german investor confidence jumped to a 10-month high. gilts rose.

fortucast financial timer - british pound

cash and june british pound

(4/18): the pound strengthened to a 19-month high against the euro and gilts dropped after minutes of the bank of england’s april meeting showed policy maker adam posen ended his push for further stimulus, bloomberg news reported. u.k. two-year yields climbed to the highest level in four weeks as central bank officials said inflation may pose more of a threat than they previously anticipated. posen joined the majority of the nine-member monetary policy committee in seeking no change to the 325 billion-pound ($519 billion) asset-purchase target, according to minutes of the april 4-5 gathering.

pound strengthens as stalling greek aid boosts safety demand; gilts rise

the pound strengthened and gilts rose as european finance ministers held back a bailout package for greece, boosting demand for alternatives to the euro.

sterling advanced for the first time in four days against europe’s shared currency, trimming its weekly decline. greek finance minister evangelos venizelos said his euro-area counterparts refused to approve a 130 billion-euro ($172.1 billion) aid package because government austerity plans fell short of their demands. the pound rose against all its major peers after data showed u.k. factory output prices climbed in january at the fastest pace in nine months.

fortucast financial timer - british pound

cash and june british pound

fundamentals: (4/17) the bank of england can loosen policy further to boost an economy that will struggle to grow this year, the international monetary fund said. british economic growth “will be weak in early 2012, before recovering,” the washington-based imf said in its world economic outlook today. “with inflation expected to fall below the 2 percent target amid weaker growth and commodity prices, the bank of england can further ease its monetary policy stance.”

pound weakens to three-month low versus dollar after trade deficit widens

the pound fell to a three-month low versus the dollar after a government report showed the trade deficit widened more than economists forecast, fueling bets the central bank will need to add more stimulus to spur growth.

sterling declined versus all 16 of its major counterparts and gilts advanced after the british retail consortium said shop-price inflation slowed to a 16-month low in december. the bank of england will keep its bond-purchase target unchanged at 275 billion pounds ($421 billion) at a policy meeting tomorrow, according to a bloomberg news survey.

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