Tag: pound

Asian buyers take interest in London property market

Asian buyers take interest in London property market

According to Knight Frank LLP, 59% of new-build property in London has been acquired by Asian buyers in the six month period to April. This is up from 48% a year earlier as buyers seek alternatives from rocketing property prices in China and Singapore. The estate agent said Asian buyers are taking advantage of the [...]

May 26, 2011 | 0 Comments More
British factory orders see strong demand

British factory orders see strong demand

The Confederation of British Industry’s (CBI) December industrial trends survey today revealed further good news for the sector after overseas demand surged to a 15-year high. The pound gained following the news which revealed firms experiencing above normal demand from overseas was 4% - a significant improvement on the previous month’s -7% and the highest [...]

December 8, 2010 | 0 Comments More
UK trade deficit widens in July

UK trade deficit widens in July

The Office for National Statistics (ONS) has today revealed the UK’s trade deficit widened in July to a record high, as imports soared and exports fell. According to the ONS, the goods trade gap widened to £8.667 billion in July, up from £7.532 billion the previous month. The deficit was the biggest since the series [...]

September 9, 2010 | 0 Comments More
UK industrial output in surprise fall in June

UK industrial output in surprise fall in June

The Office for National Statistics (ONS) today revealed UK industrial output fell unexpectedly in June. According to the ONS, output fell 0.5% on the month against forecasts of a 0.2% rise. However, the fall was attributed to a 6% decline in oil and gas output. Following the announcement, the pound lost fell half a cent [...]

August 6, 2010 | 0 Comments More
S&P affirms “AAA” rating for UK

S&P affirms “AAA” rating for UK

Rating agency Standard & Poor’s (S&P) today affirmed its “AAA” long-term rating on Britain but maintained its negative outlook on the long-term rating. Following the news, the pound fell to $1.5017 from $1.5068. Commenting on its announcement, S&P analysts Trevor Cullinan and David Beers, said: “The coalition government has set out what we view as [...]

July 12, 2010 | 0 Comments More
European shares down on banking concerns

European shares down on banking concerns

There are fresh concerns over the European banking sector after banks are scheduled to repay €442 billion (£362 billion) worth of loans to the European Central Bank (ECB) later this week. Shares in Europe hit a three-week closing low today as a result. Furthermore, shares were hit by a sharp fall in US consumer confidence [...]

June 29, 2010 | 0 Comments More
Bank voted 7-1 to hold rates in June

Bank voted 7-1 to hold rates in June

Minutes of the Bank of England’s June meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted 7-1 earlier this month to keep interest rates at the historic low of 0.5% - where they have been since March 2009. The usual nine-strong committee comprised of only eight members this month [...]

June 23, 2010 | 0 Comments More
Pound gains on dollar despite hung parliament

Pound gains on dollar despite hung parliament

Despite Friday’s general election result, which failed to give any political party a clear majority, sterling has gained on the US dollar today, while London’s FTSE recovered from the sharp falls on Friday. The pound rose by nearly a cent against the dollar to $1.4865 but fell against the euro to 1.1510 euros. The pound [...]

May 10, 2010 | 0 Comments More
ABFA: Hung parliament bad for economy

ABFA: Hung parliament bad for economy

Kate Sharp, chief executive of the Asset Based Finance Association (ABFA) believes last week’s hung parliament result could seriously hurt the UK’s economic recovery. According to many experts, the hung parliament result means that it will be harder to pass legislation and undermine a fragile UK recovery. Ms Sharp of ABFA comments: “The ABFA supports [...]

May 9, 2010 | 0 Comments More
British exports see marginal rise

British exports see marginal rise

Official data has revealed the value of British exports grew by just 0.05%, or £28 million, in the final three months of 2009 compared with the same period a year earlier. The figures were a surprise since a weak pound should make UK goods cheaper abroad. Analysis of Government data by Close Treasury revealed that [...]

April 12, 2010 | 0 Comments More
UK factory output in surprise January fall

UK factory output in surprise January fall

The Office for National Statistics (ONS) today revealed UK industrial output unexpectedly fell in January - primarily due to the cold weather during the month. According to the ONS, output fell by 0.4% in January compared with the previous month and represented the largest monthly fall since August. Analysts had expected a 0.3% rise. However, [...]

March 10, 2010 | 0 Comments More
Euro slumps to nine-month low against dollar

Euro slumps to nine-month low against dollar

Growing fears over the debt crisis in Greece continue to weaken the value of the euro and it sank further today to 1.3436 dollars - a level not seen since May 2009. Greece is currently taking action to reduce its public deficit from 12% to 8% of GDP this year. The country currently has the [...]

March 2, 2010 | 0 Comments More
Sterling falls against dollar over euro zone debt fears

Sterling falls against dollar over euro zone debt fears

The pound dived to a low not seen since May 2009 today over debt fears in the euro zone. It was the fourth consecutive day of losses and the pound fell to $1.5535 in early London trade - an 8½ month low. The losses came as investors worry about how euro zone economies (including Greece [...]

February 8, 2010 | 0 Comments More
Small manufacturers benefit from weak pound

Small manufacturers benefit from weak pound

The latest quarterly SME Trends Survey by the CBI has found that small and medium-sized manufacturers are starting to stabilise after seven quarters of decline. According to the business body, manufacturers are starting to benefit from the weakness of the pound, which has fallen slightly against the US dollar over the last few months. The [...]

February 1, 2010 | 0 Comments More
S&P downgrades Britain’s banking sector

S&P downgrades Britain’s banking sector

January 29, 2010 | 0 Comments More
Pound falls on disappointing GDP figures

Pound falls on disappointing GDP figures

The pound fell this morning after quarter four GDP figures were weaker than expected. While official figures showed that the UK has finally emerged from recession in the fourth quarter, the economy only grew 0.1% - an expansion of 0.4% had been expected. The pound fell to $1.614 against the US dollar - a fall [...]

January 26, 2010 | 0 Comments More
Pound rises after Cadbury takeover

Pound rises after Cadbury takeover

The pound gained ground against the euro yesterday as US food giant Kraft announced its takeover of British confectioner Cadbury. The pound rose to a four-month high to 1.1477 euros as the takeover reflected the attraction of overseas companies investing in the UK, according to analysts. Furthermore, higher than expected inflation figures boosted the prospect [...]

January 20, 2010 | 0 Comments More
BoE policy makers voted 9-0 to keep interest rates on hold

BoE policy makers voted 9-0 to keep interest rates on hold

Minutes of the Bank of England’s October meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted unanimously this month to keep interest rates at the historic low of 0.5%. Furthermore, the MPC voted 9-0 to leave its quantitative easing programme unchanged at £175 billion and said it would not [...]

October 21, 2009 | 0 Comments More
Pound falls to five-month euro low following Bank’s Quarterly Bulletin

Pound falls to five-month euro low following Bank’s Quarterly Bulletin

A warning from the Bank of England about the UK’s debt levels has sent sterling plummeting to a five-month low against the euro. The pound dropped as low as €1.1016 - the lowest level since April In the meantime, the pound dropped as low as $1.6134 - its lowest against the US Dollar in almost [...]

September 21, 2009 | 0 Comments More
Sterling hits 10-month high

Sterling hits 10-month high

Optimism surrounding the UK economy continued today after the pound continued its gain against the US dollar. Sterling briefly reached as high as $1.7005 today - the highest level since October - before falling back to $1.6930. While the pound still has a long way to go to reach the $2 mark seen a year [...]

August 4, 2009 | 0 Comments More