Pound Falls vs. Euro on Jobless Claims

The Great Britain pound dropped against the euro today as the government report showed that the unemployment claims increased in June, instead of decreasing as was predicted by analysts. The currency gained versus the dollar.
The number of people seeking unemployment benefits rose by 24,500 in June from May, while market forecast change by only 15,100. The change from April to May was revised upwardly from 19,600 to 21,500. The unemployment rate was at 7.7 percent.

EUR/GBP climbed from 0.8780 to 0.8815 as of 11:12 GMT today. GBP/USD traded at 1.5947 after it advanced from 1.5910 to 1.5987.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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7:46 AM | 0 comments

Pound Recovers from Slump on Bad Fundamentals

The Great Britain pound currently attempts to recover from the losses caused by today’s macroeconomic reports. Virtually all data today was unfavorable for the sterling as it signaled that the economic recovery is faltering.



The Consumer Price Index fell to 4.2 percent in June, while it was expected to stay at the May level of 4.5 percent. The trade balance deficit widened to £8.5 billion in May from £7.6 billion in April, instead of shrinking to £7.3 billion as economists predicted. Market analysts forecast the government report tomorrow will show that jobs growth in the UK slowed.

GBP/USD traded at about 1.5921 today as of 15:13 GMT after it earlier sank from 1.5905 to 1.5779, the lowest level since January 26. GBP/JPY fell from 127.64 to 126.64.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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9:42 AM | 0 comments

Like little soldiers standing at attention (40 photos)

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9:27 AM | 0 comments

Slower Manufacturing Growth Makes Sterling Weaker

The Great Britain pound slipped today as the unexpected drop of the UK manufacturing PMI caused investors to trim their bet on an increase of interest rates by Britain’s central bank.


The UK Manufacturing Purchasing Managers’ Index dropped from 52.0 in May to 51.3 in June. Traders hoped for an increase to 52.2. The report also said that growth of employment was slowest in nine months.

GBP/USD dropped from 1.6053 to 1.6032 today as of 10:03 GMT after posing the intraday high of 1.6094 and the intraday low of 1.5987.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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10:29 AM | 0 comments

Slower Manufacturing Growth Makes Sterling Weaker

The Great Britain pound slipped today as the unexpected drop of the UK manufacturing PMI caused investors to trim their bet on an increase of interest rates by Britain’s central bank.


The UK Manufacturing Purchasing Managers’ Index dropped from 52.0 in May to 51.3 in June. Traders hoped for an increase to 52.2. The report also said that growth of employment was slowest in nine months.

GBP/USD dropped from 1.6053 to 1.6032 today as of 10:03 GMT after posing the intraday high of 1.6094 and the intraday low of 1.5987.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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10:29 AM | 0 comments

Pound Regains Strength After Week of Losses

June 27th, 2011

The Great Britain pound rose today against most major currencies, following the significant drop last week, on the speculation that the decline was overdone and the state of the UK economy isn’t bad enough to warrant such sell-off.

Analysts expect that tomorrow’s government report will show that Britain’s current account deficit narrowed from £10.5 billion to £5.0 billion in the first quarter of this year. The final revision of the UK GDP is expected to show a growth by 0.5 percent in the Q1 2011, following the 0.5 percent decline in the Q4 2010. The pound currently falling after initial jump. The currency retreated against the US dollar, but kept gains against the Japanese yen.

EUR/JPY rose from 128.16 to 128.81 today as of 12:32 GMT after posting the intraday high of 129.21. GBP/USD traded near 1.5944 after it rallied from 1.5961 to 1.6007.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

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7:25 AM | 0 comments

Pound Falls as Retail Sales Decline Thursday

The Great Britain pound dropped today for the second day as the retail sales retreated to the lowest level this year, supporting the outlook that the Bank of England maintain stimulus.

The CBI’s Distributive Trades Survey posted the balance of -2 percent, the first negative value in a year. The expected reading was 11 percent. Reading above zero indicates growth of sales, below zero signals about decline. Together with yesterday’s BoE minutes the report creates bearish case for the sterling.
GBP/USD slumped from 1.6069 to 1.5984 as of 11:51 GMT today after posting the intraday low of 1.5974, the lowest level since April 1. GBP/JPY fell from 129.01 to 128.81.
If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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9:05 AM | 0 comments

Pound Falls as Minutes Signal About More Stimulus

The Great Britain pound dropped today as the minutes of the Bank of England monetary policy meeting showed that most of the policy makers voted to keep lending rates unchanged and suggested that further easing may be possible.
Seven of the Monetary Policy Committee members voted to keep the rates stable, while only two voted for an increase. On the previous meeting three members voted for higher interest rates. The minutes said that “the current weakness of demand growth was likely to persist for longer than previously thought” and ”further asset purchases might become warranted”.

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6:49 AM | 0 comments