Sterling Staggers Ahead of Bank of England Policy Decision
The British pound fell slightly on Thursday as observers anxiously await the Bank of England's incoming interest rate decision later in the day. After data showed that UK inflation cooled more than expected in August, traders are unsure as to the central bank's next...
Sterling Remains Steady Following Strong UK Wage Data
The sterling remained steady on Tuesday after an inflow of British job market data that showed that wage growth remained strong despite a weakening labor market. The British pound remained flat against the U.S. dollar at $1.2507, thereby sustaining its 0.35% growth from the...
Pound Slumps to 12-Week Low Amid Falling Business Activity
A slump in economic activity in the United Kingdom has seen the sterling slump to a 12-week low. The UK S&P Global/CIPS composite Purchasing Managers' Index (PMI) fell from 50.8 in July to 48.6 in August, indicating a contraction in economic activity. The services...
UK Economy Slows Amid Bank of England Rate Hike
The UK economy is showing signs of slowing following 14 interest rate hikes by the Bank of England (BoE) in an effort to fight inflation. A survey published on Wednesday showed that activity among businesses dropped by its largest margin since January 2021, when...
Pound Rises Following Release of UK Inflation Data
The sterling rose against the U.S. dollar on Wednesday following the release of UK inflation data that raised bets that the Bank of England would raise its interest rates at its next policy meeting in September.
Against the greenback, the British pound climbed 0.3%...
BoE Insists UK Economy is Coping With Higher Interest Rates
The Bank of England (BoE) claimed on Wednesday that the UK economy is faring well in response to the central bank's interest rate hikes over the past year and a half, before warning that it may take some more time for the full impact...