The pound was down by 0.18% at $1.2669 on Monday, losing a fraction of its 0.63% gain against the American currency on Friday when U.S. inflation data came in softer than expected. Against the euro, the pound remained relatively unchanged at 85.94 pence.

While the pound stumbled at the start of this week, the British currency proved to be a strong performer throughout the first half of the year.

During the first six months of 2023, the sterling gained 4.8% against the dollar. This came amid anticipation that British interest rates would remain higher for longer in the face of resilient inflation.

“The outlook for sterling is a battle between relatively high yields and poor growth prospects,” Paul Robson, head of G10 FX strategy at NatWest, remarked.

The post Sterling Slips After Ending First Half of 2023 on a High appeared first on theprimarymarket.com.

The country with the world’s largest foreign exchange reserves, China’s reserve levels beat analysts’ expectations of $3.192 trillion as determined in a Reuters poll of economic analysts.

China’s rise in foreign exchange reserves comes after the U.S. dollar weakened against other major global currencies. While the Chinese yuan fell against the U.S. dollar by 0.63%, the dollar weakened by 0.94%.

In addition to its foreign exchange reserves, China’s gold levels also rose in April, from 66.50 million ounces to 66.76 million fine troy ounces of gold. The value of China’s gold reserves rose from $131.65 billion at the end of March to $132.35 billion.

The post China Forex Reserves Rise in April appeared first on theprimarymarket.com.

The pound was down by 0.18% at $1.2669 on Monday, losing a fraction of its 0.63% gain against the American currency on Friday when U.S. inflation data came in softer than expected. Against the euro, the pound remained relatively unchanged at 85.94 pence.

While the pound stumbled at the start of this week, the British currency proved to be a strong performer throughout the first half of the year.

During the first six months of 2023, the sterling gained 4.8% against the dollar. This came amid anticipation that British interest rates would remain higher for longer in the face of resilient inflation.

“The outlook for sterling is a battle between relatively high yields and poor growth prospects,” Paul Robson, head of G10 FX strategy at NatWest, remarked.

The post Sterling Slips After Ending First Half of 2023 on a High appeared first on theprimarymarket.com.

The country with the world’s largest foreign exchange reserves, China’s reserve levels beat analysts’ expectations of $3.192 trillion as determined in a Reuters poll of economic analysts.

China’s rise in foreign exchange reserves comes after the U.S. dollar weakened against other major global currencies. While the Chinese yuan fell against the U.S. dollar by 0.63%, the dollar weakened by 0.94%.

In addition to its foreign exchange reserves, China’s gold levels also rose in April, from 66.50 million ounces to 66.76 million fine troy ounces of gold. The value of China’s gold reserves rose from $131.65 billion at the end of March to $132.35 billion.

The post China Forex Reserves Rise in April appeared first on theprimarymarket.com.