About Worldwide Currencies

This author has not yet filled in any details.
So far Worldwide Currencies has created 325 blog entries.

May 2022

Daily Report: 25th May 2022

2022-05-25T08:57:33+00:00

GBP The pound has recovered some ground after falling heavily yesterday. Sterling’s fall came when data showed momentum in Britain’s services industry slowing much more than expected this month, adding to concerns that the UK could slip into recession later this year. The composite Purchasing managers index, a monthly gauge of business activity, fell to 51.8 in May from 58.9 in April and well below economists forecast of 57.3. Any reading below 50 is considered a contraction in economic growth and this month’s data will come as a massive worry to the Bank of England and could [...]

Daily Report: 25th May 20222022-05-25T08:57:33+00:00

Daily Report: 24th May 2022

2022-05-24T08:59:15+00:00

GBP Sterling has come under strong pressure, losing all of yesterday’s gains against the dollar and over a cent against the euro after disappointing PMI surveys. Data showed the service sector activity weakened sharply in May, reviving recession fears and weighing heavily on the pound. Bank of England Governor Andrew Bailey hinted yesterday that the central bank could hike interest rates further to help combat runaway inflation. Speaking at the Austrian Central Bank’s annual economic conference Bailey said, “We have raised the official rate four times so far and have made clear that in order to bring [...]

Daily Report: 24th May 20222022-05-24T08:59:15+00:00

Daily Report: 23rd May 2022

2022-05-23T08:53:12+00:00

GBP Sterling has been supported in early trading, rising nearly a cent against the dollar and around half a cent against the euro since far east markets opened. The pound has built on Friday’s momentum when retail sales unexpectedly rose by 1.4% month on month in April after a 1.2% drop in March. The pound was also underpinned by comments from the Bank of England’s Chief Economist Huw Pill who said that in his view the central bank still has some way to go in monetary policy tightening. In a speech to the Association of Chartered Certified [...]

Daily Report: 23rd May 20222022-05-23T08:53:12+00:00

Daily Report: 20th May 2022

2022-05-20T08:55:54+00:00

GBP The pound found some support this morning when UK retail sales unexpectedly jumped in April. The data released by the Office of National Statistics (ONS) showed retail sales volumes rising by 1.4% month-on-month last month, after a drop of 1.2% in March. Economists had been expecting a 0.2% monthly fall. However, the wider picture remained weak as sales in the three months to April fell 0.3%, after a 0.7% drop in March and it is thought it won’t be until May’s data that the result of the squeeze on households’ disposable income is seen feeding through [...]

Daily Report: 20th May 20222022-05-20T08:55:54+00:00

Daily Report: 19th May 2022

2022-05-19T09:00:49+00:00

GBP Sterling has begun the day pressurised by a broadly stronger dollar, which has found demand from risk averse sentiment. Against the euro, the pound is largely unchanged from Wednesday’s close. Yesterday, after the release of official data showing inflation reaching a 40-year high, Chancellor Rishi Sunak warned that easing the cost-of-living crisis for families will not be easy and the next few months will be tough. Sunak also reiterated a promise he made in March to cut business taxes later this year and encourage employers to do their bit to ease the economic pain for households [...]

Daily Report: 19th May 20222022-05-19T09:00:49+00:00

Daily Report: 18th May 2022

2022-05-18T08:55:59+00:00

GBP After a positive day on Tuesday fuelled by upbeat market sentiment and wage inflation data, sterling has lost momentum in early trading after inflation data came in below forecasts earlier this morning. Although consumer price inflation hit an annual rate of 9% in April, the highest since official estimates began in the late 1980’s, economists had been expecting a reading of 9.1%. A Reuters poll released yesterday reported that most economists saw little let up in consumer price rises, predicting inflation averaging 8.3% in the next quarter from 8.7% in the current. The pound showed little [...]

Daily Report: 18th May 20222022-05-18T08:55:59+00:00

Daily Report: 17th May 2022

2022-05-17T09:01:49+00:00

GBP Sterling got a boost this morning from jobs data which showed the unemployment rate in the UK falling to its lowest level since 1974 in the first 3 months of the year. The jobless rate dropped to 3.7% from 3.8% and the 1.257mln people out of work was less than the 1.295mln job vacancies on offer for the first time on record. However, the data also showed that soaring inflation had led to the biggest annual fall in real earnings since 2013. The labour market strength comes despite the economy stagnating in February and March and [...]

Daily Report: 17th May 20222022-05-17T09:01:49+00:00

Daily Report: 16th May 2022

2022-05-16T09:19:45+00:00

GBP The pound has begun the week on the backfoot against the dollar, hurt as a risk averse market created demand for the greenback in far-east trading. The market mood turned sour when China reported poor economic data fuelling fears for the global economy. Against the euro, sterling remained steady. In the latest Brexit news, Prime Minister Boris Johnson said he wanted to resolve a standoff with the European Union over Northern Ireland’s post-Brexit trade rules, but he kept the option of unilateral action that the EU says could start a trade war. Yesterday, Ireland’s foreign secretary [...]

Daily Report: 16th May 20222022-05-16T09:19:45+00:00

Daily Report: 13th May 2022

2022-05-13T08:50:42+00:00

GBP Sterling remains under pressure against the dollar but has made some gains against the euro, which has been sold more aggressively over recent sessions versus the greenback than the pound. The latest setback for sterling was yesterday’s GDP data which showed the economy losing momentum, highlighting the risks of a recession over the coming months. Commenting after the data’s release, Bank of England Deputy governor David Ramsden said the central bank will have to push borrowing costs higher to control fast-rising inflation but its four interest rate hikes since December are already having an impact on [...]

Daily Report: 13th May 20222022-05-13T08:50:42+00:00

Daily Report: 12th May 2022

2022-05-12T08:57:55+00:00

GBP The pound hit a fresh 2-year low against the dollar and its lowest in 7 months against the euro this morning, hurt by data showing the UK economy contracting in March and further negative Brexit headlines. Official figures showed that the economy went into reserve in March as surging prices, fuelled by the war in Ukraine, threaten to plunge Britain into recession. Gross Domestic Product (GDP) declined by 0.1% over the month after growth in February was revised down to zero. Worryingly, the all-important services sector was the biggest drag on the economy as consumer facing [...]

Daily Report: 12th May 20222022-05-12T08:57:55+00:00
Go to Top