Pound jumps for 2nd day

17 March, 2017

The British pound has continued to push higher today after the last hurdle was cleared to enact Brexit, as well as signs that the Bank of England’s board members are divided over monetary policy. At 12.43pm (GMT) the British currency was trading at $!.2357 up from $1.2293 in yesterday’s trading. The Queen has now granted royal assent to the article 50 bill, paving the way for British Prime minister Theresa May to trigger article 50 and start Brexit negotiations to leave the EU.

As sigh of relief swept over the financial markets after the end of a brutal Brexit campaign, and many are glad that the process is over so the UK economy can get back to business,

"Brexit will allow us to begin the process of national renewal, enabling us to build a robust economy, more cohesive communities and to make politicians more accountable to the public” noted Labour MP Gisela Stuart,

"In the weeks and months ahead, I would urge politicians from all parties to work together to help ensure we make the most of the opportunities that leaving the EU will provide." she added.

Also, boosting the pound today was a shock split in the Bank of England’s policy making team, with Bank of England policymaker Kristen Forbes unexpectedly voting for a rise in interest rates, making her the odd one out.

This marks the first time in nearly a year where the banks board members have not reached a unanimous decision, and some predict that in the nearest future some other members may call for a tightening of monetary policy,

"There were signs that other members may be close to voting for a tightening in monetary policy, given that 'it would take relatively little further upside news on the prospects for activity or inflation for them to consider that a more immediate reduction in policy support might be warranted'. said Ruth Gregory, UK economist at Capital Economics,


Source link  
Pound hit 7 week high

British pound hit a 7-week high in today’s trading against its US counterpart over uncertainties about Donald Trumps policies after his attempt...

Oil poised to go lower

The oil price is hovering near a 4 month low today after data out shows production cuts from OPEC are failing to counter the effects of increased shale...

Gold continues to rebound

Gold is on target to rack up its 6th straight day of gains on the back of doubts over US President...


Gold rally set to continue

The gold price continues to climb today, racking up its 4th straight day of gains which started last Wednesday after a dovish speech from the US Federal Reserve. At 6.00pm (GMT) gold was trading at $1,234 up from $1,228 at close of trade on Friday...

Australian dollar to face headwinds

The Australian is trending higher today, following on from Friday’s gains and brushing off further weakness in commodity prices. At 6.28pm (AEDT) the Aussie dollar was trading at US75.77c...

Gold to rebound strongly

Gold is under further pressure today on rate hike expectations in the US and things...


Imminent rate hike hits the gold price

The gold price is under further pressure today on the back of a potential rate hike from the US Federal reserve this months which analysts agree is a near certainty...

Imminent rate hike hits the gold price

The gold price is under further pressure today on the back of a potential rate hike from the US Federal reserve this months which analysts agree is a near certainty. At 7.26pm (GMT) gold was trading at $1227 down from $1231in yesterday’s trading...

Pound slumps on government defeat

The British pound has dropped sharply today against it’s US counterpart on heightened expectations of a rate hike from the US Federal Reserve this month, as well as a vote by the house of lords to amend the bill for Britain to leave the European union...

  


Share: