The Pound Sterling US Dollar (GBP/USD) exchange rate slumped and the pairing is currently trading at around $1.2331. August’s Producer Price Index (PPI) edged up by 0.1% despite forecasts expecting prices to remain unchanged. The US Dollar received an upswing of support this afternoon as data revealed US producer prices rose unexpectedly.Investors saw little reason to move much on the Pound to Euro (GBP/EUR) exchange rate this morning, as markets awaited the European Central Bank’s (ECB) September policy decision due this afternoon. Since opening this week at mixed levels, GBP/EUR has sustained solid gains of over a cent thanks to UK growth data and Brexit hopes. Overnight, GBP/EUR touched on a two month high of 1.1223 before slipping and trending closer to the key level of 1.1200 at the time of writing on Thursday. The ECB is expected to cut Eurozone rates during today’s decision, but market focus is on the tone the bank will take in regards to quantitative easing (QE) and the Eurozone’s economic outlook. A 'no-deal' Brexit could snarl cross-Channel trade routes, disrupting supplies of medicines and fresh food while protests spread across Britain, according to a worst-case scenario reluctantly released by the government on Wednesday.
The "Operation Yellowhammer" assumptions, prepared six weeks ago just days after Boris Johnson became prime minister, form the basis of government no-deal planning.
They were released at the demand of lawmakers who accuse Johnson's government of concealing the ruinous impact of leaving without a deal, and could add to the political acrimony as Britain lurches toward its Oct. 31 deadline to exit the EU.
19 Sep 2019 06:51 PM
The Indian rupee fell against the dollar following an uptick in crude oil prices amid reports that Saudi Arabia had sought crude supply from
19 Sep 2019 04:51 PM
The Bank of England said Brexit uncertainty was causing slack to re-emerge in Britain's economy and damaging productivity, and a failure to reach a transition deal by Oct. 31 could lead to further weakness.
19 Sep 2019 04:18 PM
Indian equity indices closed over 1% lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.
19 Sep 2019 04:10 PM
The euro is trading $1.1065, up from the lows it fell to on Wednesday after the Fed cut rates but signaled no new moves are imminent. Markets are digesting the decision and eyeing several US figures.
19 Sep 2019 03:54 PM
British retail sales unexpectedly fell in August after shoppers bought less online than the month before, when an annual promotion by Amazon appeared to have encouraged them to splash out, official figures showed on Thursday.
19 Sep 2019 02:58 PM
The British pound steadied on Thursday as traders waited the Bank of England monetary policy meeting due later.