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So far Worldwide Currencies has created 202 blog entries.

December 2021

Daily Report: 3rd December 2021


GBP The pound has begun the day around half a cent lower than yesterday’s close against the dollar, but steady against the euro. The dollar has found support after a host of Federal Bank officials commented on the need to tighten monetary policy as inflation has hit levels not seen for several years. British companies are struggling to find the staff they need and expect higher inflation in the year ahead, according to a survey published on Thursday by the Bank of England. The BoE's monthly Decision Maker Panel survey of nearly 3,000 businesses showed 85% of [...]

Daily Report: 3rd December 20212021-12-03T10:14:18+00:00

Daily Report: 2nd December 2021


GBP After benefitting from improved “risk“ market sentiment yesterday, sterling has started the morning session on the backfoot as traders pare their expectations of a Bank of England rate rise at this month’s meeting. Since the Omicron variant emerged last week, financial markets now see a 60% chance of a hike at the December 16 meeting down from 80% before. Speaking yesterday, the Bank of England Governor acknowledged that the economic impact of Covid-19 remains strong, when asked to assess the news of the new variant. Brexit news was also a concern for investors as European Commission [...]

Daily Report: 2nd December 20212021-12-02T10:13:30+00:00

Daily Report: 1st December 2021


GBP Sterling dropped to fresh year-long lows against the dollar and two-week lows against the EUR on Tuesday as Covid fears and central bank divergence drove the markets. The UK’s count of Omicron cases jumped to 22 yesterday as Boris Johnson announced a return of some pandemic restrictions. In addition, despite the inflation rate spiking in the UK, the Bank of England has remained firmly with the opinion that inflation is transitory whereby the price of food, energy and autos have been affected by supply chain blockages. With markets currently pricing in no rate hike in December’s [...]

Daily Report: 1st December 20212021-12-01T10:28:37+00:00

November 2021

Daily Report: 30th November 2021


GBP Sterling recovered some ground against the dollar but is under pressure against the euro in early trading. The pound has suffered against the single currency as markets fear the Omicron virus could delay any monetary policy tightening by the Bank of England. Sterling had been in demand against the Euro as markets had priced in a rate hike cycle by the central bank, while the European Central Bank were expected to be less aggressive. A quarterly survey by the Confederation of British Industry (CBI) released this morning for the UK’s service sector, showed the quickest growth [...]

Daily Report: 30th November 20212021-11-30T09:39:17+00:00

Daily Report: 29th November 2021


GBP Sterling hit 11-month lows against the US dollar and fresh 2-week lows against the euro on Friday, as a new strain of possibly vaccine-resistant coronavirus was discovered. This morning, sterling has recovered slightly but remains nervous as analysts warned of more volatility with little still known about the new coronavirus strain “Omicron”, as the World Health Organization (WHO) dubbed it. With cases of Omicron having been discovered in Britain, investors are now reassessing the Bank of England's rate hike prospects. Also dampening the mood around sterling were comments made by UK Brexit Minister Lord David Frost [...]

Daily Report: 29th November 20212021-11-29T09:59:44+00:00

Daily Report: 26th November 2021


GBP Sterling has begun the day under pressure, suffering as a newly identified and a possibly vaccine-resistant coronavirus variant drove investors out of riskier assets amid fears of a fresh hit to the global economy. The pound has fallen around half a cent against both the dollar and euro in morning trading. Fears of renewed post-Brexit setbacks are also a concern for Sterling. Today, French fisherman plan to block the Channel tunnel and the port of Calais in protest at the failure to issue them with more fishing licences. UK Brexit minister Lord Frost and his EU [...]

Daily Report: 26th November 20212021-11-26T10:19:20+00:00

Daily Report: 25th November 2021


GBP The pound steadied in early trading after falling to its lowest level in in 11 months against the dollar yesterday. Against the euro, it was largely unchanged. The expected tightening of monetary policy by the US Federal Reserve Bank and Brexit concerns have weakened sterling throughout the week. Yesterday, the newly formed German government issued a warning to the UK to expect “countermeasures” if the Northern Ireland Brexit deal is broken. The warning came after Prime Minister Johnson restated his readiness to invoke Article 16 of the protocol in talks with his Irish counterpart Michael Martin. [...]

Daily Report: 25th November 20212021-11-25T10:31:21+00:00

Daily Report: 24th November 2021


GBP Sterling remains under pressure against the dollar, but steady against the euro in early trading. On Tuesday, the pound hit a 2021 low against a broadly stronger greenback, hurt by continuing Brexit worries. Yesterday, Maros Sefcovic, vice president of the European commission told reporters that talks between the EU and Britain on Northern Ireland trade rules will "probably" continue into the New year. This morning, the government said it is “disappointed“ by threats of protest action by French fishermen amid the escalating dispute over post-Brexit rights. The UK’s response comes after French fishing industry representatives signalled [...]

Daily Report: 24th November 20212021-11-24T10:22:10+00:00

Daily Report: 23rd November 2021


GBP Sterling is down against both the euro and the dollar in early trading hurt by renewed Brexit concerns. Speaking at the Guildhall yesterday, Lord Frost defended his trade policy telling city leaders that divergence from EU rules was a “national necessity”. His comments came after EU commission Vice president Maros Sefevoic earlier accused the Brexit minister of “political posturing”. The pound showed little reaction to PMI surveys released this morning for the manufacturing and services industries, which came in slightly better than expected. Bank of England policymaker Jonathon Haskel is due to speak later today. EUR [...]

Daily Report: 23rd November 20212021-11-23T10:57:30+00:00

Daily Report: 22nd November 2021


GBP The pound lost ground against a broadly stronger dollar but gained against the euro on Friday. The single currency has been hurt by covid fears, while the greenback continues to find support from safe haven flows. On Friday, Bank of England chief economist Huw Pill said the weight of economic evidence was shifting towards a rise in interest rates next month. However, Governor Andrew Bailey interviewed by the Sunday Times sounded less convinced, saying there was a chance that inflation does not prove as persistent as feared. As well as interest rate expectations directing the pounds [...]

Daily Report: 22nd November 20212021-11-22T09:59:42+00:00
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