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So far Worldwide Currencies has created 325 blog entries.

June 2022

Daily Report: 10th June 2022


GBP The pound has been sold in early trading after Reuters reported that the government will present legislation to Parliament on Monday to unilaterally revise the post-Brexit trade arrangements for Northern Ireland. Foreign Secretary Liz Truss is expected to table the controversial legislation after a Cabinet committee signed it off on Wednesday, despite reports of concerns from Chancellor Rishi Sunak and Senior Minister Michael Gove. The European Union has made clear that such a move would represent a breach of international law and would prompt retaliatory action from the bloc. Sterling’s fortunes against the dollar on the [...]

Daily Report: 10th June 20222022-06-10T09:17:53+00:00

Daily Report: 9th June 2022


GBP Sterling remains relatively unchanged from yesterday’s close against both the euro and dollar in early trading. UK economic growth will "grind to a halt" before briefly falling into negative territory according to a report published this morning by the British Chamber of Commerce (BCC). The business group downgraded its 2022 growth forecast from 3.6% to 3.5%, said inflation would reach 10% in the last quarter, and slashed their investment growth expectations for 2022 from 3.5% to 1.8%. The report follows another bleak warning yesterday from the Organisation for Economic Co-operation and Development, who forecast that the [...]

Daily Report: 9th June 20222022-06-09T09:36:39+00:00

Daily Report: 8th June 2022


GBP Sterling has managed to hold onto most of yesterday's gains against the dollar and euro in early trading. The pound benefited yesterday afternoon from improved market sentiment as equity markets regained some of their poise after Monday’s falls. Earlier, sterling had been pressurised when data released showed growth among UK businesses slowing sharply in May. The composite S&P Global/CIPS Purchasing Managers Index, spanning the services and manufacturing industries, slumped to 53.1 last month from 58.2 in April, the lowest since February 2021 as the economy felt the hit from accelerating inflation. The PMI Index for the [...]

Daily Report: 8th June 20222022-06-08T09:44:45+00:00

Daily Report: 7th June 2022


GBP The pound fell to a three-week low against the dollar losing around 0.7%, whilst falling around 0.5% against the euro, before making moderate gains after Prime Minister Boris Johnson survived a no-confidence vote on Monday evening. The PM won the vote 211 to 148, but his 59% share of the vote was less than the 63% achieved by his predecessor Theresa May in December 2018 who was replaced seven months later. Although winning the vote is enough to avoid having to resign immediately, the larger than anticipated rebellion within his party leaves him politically wounded and [...]

Daily Report: 7th June 20222022-06-07T09:41:42+00:00

Daily Report: 6th June 2022


GBP Sterling opens today on a stronger footing, slightly up against both the US dollar and the euro, despite damning news for Prime Minister Boris Johnson this morning. In a statement published on Monday, Sir Graham Brady, Chairman of the 1922 Committee, announced that the threshold of 15% of the parliamentary party seeking a vote of confidence in the PM had been exceeded. A ballot will be held tonight to gauge whether Johnson still has a majority backing from his party. The Prime Minister has been under increased pressure over the last month, unable to move on [...]

Daily Report: 6th June 20222022-06-06T10:00:07+00:00

Daily Report: 1st June 2022


GBP Sterling is largely unchanged against the dollar and euro in early trading, showing little reaction to the growing threat that Prime Minister Johnson could face a confidence vote as earlier as next week. Yesterday, MP John Stevenson called for Johnson to put himself forward for a vote of confidence, to “draw a line” under the “partygate scandal“ and ex-cabinet minister Andrea Leadsom criticised him for “unacceptable failings of leadership”. Compounding the pressure on the Prime Minister, Lord Gieidt, the independent advisor on minister’s interest said he may have broken the ministerial code when he was fined [...]

Daily Report: 1st June 20222022-06-01T08:56:47+00:00

May 2022

Daily Report: 31st May 2022


GBP The pound has begun the day losing some ground against an in-demand dollar in early trading, but remains on track for its first monthly gain against the greenback in the past 5 months. Against the euro, sterling remains largely unchanged. Despite its recent recovery against the dollar, data released yesterday by the Commodity Futures Trading Commission (CFTC) showed traders adding slightly to their sterling net "short" positions last week, which now stand at $6.3 billion, the largest since 2019. According to the Citi/YouGov monthly survey, British public expectations for inflation held stable this month. The survey [...]

Daily Report: 31st May 20222022-05-31T08:52:14+00:00

Daily Report: 30th May 2022


GBP Sterling has begun the week managing to hold on to last week’s gains against the dollar and remains within its recent tight range against the euro in early trading. The pound showed little reaction to the latest letter of no confidence submitted by a conservative MP on Friday. Bob Neill, the Chairman of Parliament’s Justice Committee, said an official report on the lockdown parties issued last week showed a pattern of "unacceptable behaviour" over months during the covid crisis. He added that he did not find PM Johnson’s explanation to be credible, as he announced he [...]

Daily Report: 30th May 20222022-05-30T08:53:51+00:00

Daily Report: 27th May 2022


GBP The pound has continued its winning streak against dollar, rising for the third consecutive day against a broadly weaker greenback. Against the euro, sterling remains steady. On Thursday, Chancellor Rishi Sunak announced new plans to combat the cost-of living crisis, when he pledged to send payments of £650 to around 8 million of the country’s lowest income households, amounting to £5 billion in support. Alongside the support package, Sunak also announced a 25% windfall tax on oil and gas producer’s profits which marks a change of heart for the government, which had previously resisted windfall taxes [...]

Daily Report: 27th May 20222022-05-27T08:57:10+00:00

Daily Report: 26th May 2022


GBP Sterling has managed to hold on to yesterday’s gains in early trading, underpinned by comments from Huw Pill, the Bank of England’s chief economist. In an interview with the Western Mail newspaper, the economist said that he believes more interest rate hikes are needed, adding that there was a balancing act the Monetary Policy Committee had to perform. He said that too little action on interest rates might allow inflationary pressures to become embedded in the economy, while moving too aggressively there was a danger of stifling economic growth. The Confederation of British industry’s (CBI) quarterly [...]

Daily Report: 26th May 20222022-05-26T08:59:40+00:00
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