Create Account

Pound holds steady against Dollar

Loading exchange rates…


There was little change for the Sterling against the Dollar on Monday, remaining near a 10-month high reached earlier in April.


Markets forecast the Bank of England (BoE) will continue its policy-tightening stance to curb inflation. Data published last week showed UK consumer prices stood at 10.1% in March, the only country in Western Europe with inflation in double digits, Reuters reports.


This has fuelled bets the Bank of England will need to increase rates by more than previously thought.


"Inflation hasn't come down sufficiently, the labour market continues to be tight, and wage growth is still accelerating, so we think the BoE will be inclined to go with another 25-basis point hike in May," stated Danske Bank FX analyst Kirstine Kundby-Nielsen.


In addition, central bank deputy governor Dave Ramsden said the BoE needed to focus on tightening monetary policy enough to bring inflation under control.


According to economists surveyed by Reuters, the Bank of England is forecast to hike rates by another 25 basis points next month to 4.5%. This would be the 12th consecutive rate increase since December 2021.


Traders are fully pricing in a 25-basis point hike at the meeting in May.


At the time of writing, the Sterling was flat against the greenback at $1.2448. On 14th April, the Pound hit its highest point since last June at $1.2545.


So far this year, the Sterling has been one of the best-performing major currencies, rising over 20% against the Dollar since plunging to a record low last September.


Furthermore, the S&P Global ratings agency upwardly revised its outlook on Friday for the UK's sovereign credit rating, removing the "negative" label applied after the so-called 'mini budget' under the former prime minister, Liz Truss.


In addition, the Euro rose 0.1% against the Pound to 88.43 pence.


"Our profile is for Euro-Sterling to remain around the 88 levels," Kundby-Nielsen added.


"But we could see some Sterling weakness against the Euro next week if the European Central Bank hikes by 50 basis points," she said.

Euro’s slide slows as French bond markets stabilise

The Euro was on track for a fifth consecutive weekly decline on Friday, although signs emerged that selling pressure was easing as France’s bond market stabilised and falling US Treasury yields tempered the Dollar’s rally.
Click here

Pound dips as markets await Bailey’s rate clues

The British Pound edged lower against both the US Dollar and Euro on Thursday, as investors awaited a speech by Bank of England Governor Andrew Bailey that could provide clues about the central bank’s next interest rate decision.
Click here

Dollar advances as oil tops $100 and Fed takes centre stage 

The US Dollar edged higher on Wednesday, supported by rising oil prices, as investors awaited the Federal Reserve’s meeting minutes and comments from policymakers for clues about the outlook for interest rates.
Click here

Euro rout deepens as France’s fiscal risks intensify

The Euro fell sharply on Monday to a 17-month low as mounting fiscal concerns in France, coupled with a severe sell-off in the bond market, raised fears of contagion across the region.
Click here

Greenback surges to 17-month high as bond selloff rattles Euro

The US Dollar was on track for a third consecutive weekly gain on Friday, supported by a global bond selloff fuelled by inflation concerns over higher oil prices and mounting worries about France’s fiscal position. Meanwhile, the Euro remained near a 17-month low.
Click here

Dollar hits fresh three-month high as yields support greenback

The US Dollar climbed to a more than three-month high on Thursday, underpinned by a sustained rise in US Treasury yields. The increase in yields has been partly fuelled by concerns that the US-Israeli conflict with Iran could keep global price pressures elevated.
Click here

create account

Corporate Client
Private Client

Contact Us

deVere FX Queries

6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,

J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.

Enquiries

deVere FX Queries

6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.