Sterling recovers slightly from recent slump


Sterling recovers slightly from recent slump

The cost of hedging against sharp swings in sterling over the next week rose to a record high this morning as the contract rolled over to capture the date for Britain’s vote on whether it wants to stay in the European Union. In the spot market, sterling recovered from 10-week lows against the dollar as […]

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7 Days to go

For the Bank of England, Britain’s vote on its European Union membership next week means everything. The nine-member Monetary Policy Committee, led by Governor Mark Carney, will announce its decision on interest rates at noon today. Officials will probably keep the key rate at 0.5 percent, having said they will interpret economic data surrounding the […]

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Brexit – Leave camp hold 7 point lead over Remain

Britain’s “Leave” campaign opened up a 7-point lead over “Remain” ahead of a referendum on membership of the European Union an opinion poll showed late last night, while the nation’s biggest-selling newspaper urged readers to vote to quit the bloc. The result of the June 23 referendum will have far-reaching consequences for politics, the economy, […]

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Sterling hits 8 week low – 10 days to Referendum

The pound fell to an eight-week low today while the cost of hedging against big swings in its exchange rate against the euro over the coming month hit a record high, 10 days before Britain votes on whether to stay in the European Union. Betting markets suggest Britons will opt to remain in the EU […]

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UK Construction unexpectedly up – No effect on the rates!

Britain’s construction output bounced back more than expected in April following surprisingly upbeat industrial data earlier this week, suggesting the economy might have started the second quarter on a firmer footing. The Office for National Statistics said construction output, which makes up 6 percent of the economy, rose 2.5 percent in April after a 3.6 […]

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Sterling slips due to new poll

Sterling slipped this morning as investors ditched riskier assets in favour of safe havens such as the yen, worrying that Britain will vote to leave the European Union in a referendum in two weeks’ time. While it has recovered from lows hit earlier this year, up 3 percent on a trade-weighted basis in the past […]

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Sterling briefly gained on strong industrial data

Sterling rose briefly to hit this morning’s high after data showed industrial output in Britain grew at its fastest pace in nearly four years in April, beating forecasts and wrong-footing investors who had positioned for a weak number. It gave up those gains quickly as growing uncertainty about whether Britain will remain in the European […]

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Sterling drops as “Leave” campaign leads

Sterling trade-weighted index fell 1 percent to hit a three-week low today, while the cost of hedging against swings over the coming month traded at its highest since late 2008 on growing concerns over whether Britain will stay in the European Union. Polling firm TNS said on Monday that the campaign to get Britain out […]

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Brexit worries hit Sterling value

Sterling was subdued this morning, shrugging aside better-than-expected services sector data and staying on track for its worst weekly performance since late March on worries about Britain’s future in the European Union. Services activity index rose to 53.5 in May from 52.3 in April. That was stronger than the median forecast of 52.5 in a […]

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Sterling at two-week low

Sterling hovered above a two-week low against a basket of currencies this morning, while the cost of hedging against swings over the next month traded near its highest since 2009 on concerns over whether Britain will stay in the European Union. Construction sector survey release9 at 0930 GMT slowed to 51.2 from an expectation of […]

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