THE BANK OF ENGLAND
Charting the global economy: BOE leaves rate-cut hopes alive
The Bank of England hinted at possible interest-rate cuts as some officials are leaning towards it, despite keeping rates steady at 5.25%.
Dollar edges higher, buoyed by monetary policy imbalance
The dollar strengthened against major currencies on positive U.S. economic data. U.S. business activity surged in June, easing inflation concerns. Dollar index rose to 105.81, erasing weekly declines. Thierry Wizman predicts continued dollar strength amid European political uncertainty.
Eurozone business activity slows on French vote risk
Euro-area private-sector business activity lost momentum as France's snap election outcome weighs on firms. S&P Global's PMI fell to 50.8 in June, disappointing analysts. Europe's economy, recovering from last year's recession, faces challenges.
Rupee ends higher, mild inflows aid recovery from record low
The Indian rupee ended higher on Friday as mild inflows and exporter dollar sales lifted the currency after it hit an all-time low in the previous session.
UK public debt rises to highest since 1961 as election nears
In May, British public debt reached its highest level since 1961, standing at 99.8% of GDP, or £2.742 trillion. Despite lower-than-expected borrowing of £15 billion for the month, the ongoing fiscal challenges persist, influenced by pandemic-related spending, slow economic growth, and high interest rates.
Dollar hits multi-week highs as Fed seen less dovish than peers
The U.S. dollar rose to an eight-week high against the yen and a five-week peak against sterling on Friday, supported by the Federal Reserve's cautious approach to interest rate cuts amid dovish stances from other central banks.
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Dollar extends gains against yen with US economic strength in focus
The dollar strengthened against the yen, euro, and sterling amidst U.S. economic concerns and central bank actions. Bitcoin price rose to $65,105 amidst market fluctuations.
Bank of England keeps interest rate unchanged at 5.25% ahead of UK election
The BoE's Monetary Policy Committee voted 7-2 to keep rates on hold, in line with economists' expectations in a Reuters poll. Deputy Governor Dave Ramsden and external MPC member Swati Dhingra remained the only policymakers to support a cut to 5%.
As election looms, BoE set to sit tight on UK rate
The BoE was widely forecast to keep its cost of borrowing at 5.25 percent, a 16-year high, following a regular monetary policy meeting.
Asian stocks hold on to gains; BoE in focus
Asian stocks paused near two-year highs as traders awaited U.S. policy clues. Sterling steadied ahead of a Bank of England meeting with unchanged rates expected. Central bank decisions from Switzerland and Norway will set the global rates tone.
Sterling steady ahead of BoE decision; dollar wobbles against yen
The British pound was steady ahead of the Bank of England rate decision, while the dollar awaited market catalysts. Currencies traded in tight ranges post-US holiday, with focus on BoE, Swiss, and Norwegian central bank decisions.
Bank of England leaves interest rates unchanged, here are some factors leaving an economic impact
The Bank of England has left the interest rates across UK unchanged even though the inflation rate has come down significantly this quarter. There are various factors around UK's economy including Taylor Swift's Eras Tour, according to reports.
UK inflation falls to Bank of England's 2% target rate for first time in nearly 3 years
Inflation in the U.K. has returned to the Bank of England's target rate of 2% after nearly three years. The official figures showed a decrease from 2.3% to 2% in the year to May, mainly driven by lower food prices. The governing Conservative Party views this as evidence of their successful economic plan ahead of the July 4 election. The opposition Labour Party highlighted concerns over rising mortgage rates and high taxes. Despite the decline, the Bank of England is unlikely to cut interest rates from 5.25%.
Asian stocks rise on tech rally, Fed rate cut wagers
Asian shares rose to a three-week high driven by tech stock rally as the dollar struggled post soft U.S. retail sales data, hinting at potential Fed rate cuts.
Dollar steadies; sterling dips ahead of inflation test
The dollar weakened after soft U.S. retail sales data increased expectations of Federal Reserve rate cuts, while sterling dipped ahead of UK inflation data. Markets predict a 67% chance of rate cuts in September.
For a few dollars less: The quiet demise of the petrodollar agreement
The USD hegemony is unravelling, and the global financial order is moving towards a new era led by BRICS-plus countries. Hard commodities-based blockchain-enabled digital currencies will challenge the dollar's dominance and its power dynamics through transparency and inherent strength. How this will play out in gaining legitimacy and acceptance will determine our lives over the next decade.
Dollar eases against euro as European political jitters subside
The dollar was modestly weaker against the euro on Monday, as the common currency recovered from the more than one-month lows hit last week driven by political turmoil in Europe.
Dollar firm as euro wallows; yuan brushes aside China data
The dollar remains strong as the euro nears a one-month low amid concerns in Europe. China's economic data suggests an uneven recovery. Political turmoil in Europe affects the euro, benefiting the dollar indirectly.
London stocks edge up in anticipation of ECB rate cut
British equities rose on ECB rate cut expectations, with Antofagasta and John Wood Group seeing gains. Investors await Christine Lagarde's remarks and Bank of England's upcoming meeting.
UK begins rolling out banknotes with portrait of King Charles III
People queue outside Bank of England and post offices in the UK for new UK banknotes featuring King Charles III, alongside those with Queen Elizabeth II's portrait.
US dollar gains after stronger-than-expected services sector data
The Institute for Supply Management said its nonmanufacturing purchasing managers index rose to 53.8 last month from 49.4 in April. May's reading, the highest since August, overshot estimates of all 59 economists in a Reuters poll that had pegged the median expectation at 50.8.
Dollar wallows at multi-month lows as Fed cut bets grow
The dollar faced pressure as consumer price pressures stabilized, but upcoming U.S. payroll figures are being closely monitored by analysts like James Kniveton for economic strain.
ET Explains: Why RBI keeps gold abroad?
The Reserve Bank of India (RBI) has been aggressively buying gold this year, purchasing one and a half times the amount bought in the whole of 2023 in just the first four months of this calendar year. A big portion of this gold is held overseas, but the RBI is now planning to bring back a portion of these reserves. This move comes amid risks following the West freezing Russian assets. The RBI holds 822.10 metric tonnes of gold, with 387.26 metric tonnes kept in safe custody with the Bank of England and the Bank for International Settlements (BIS).
RBI moves 1 lakh kg of gold from UK back to India, first such move of this quantum since 1991
India's central bank has moved around 100 tonnes of gold from the UK to its domestic vaults, with plans to relocate more soon, according to a TOI report. This significant transfer, the first since 1991, addresses logistical and storage diversity concerns. The RBI, which held 822.1 tonnes of gold as of March, coordinated closely with various government bodies and used special aircraft for secure transport
Sterling hits fresh 2-month high versus dollar ahead of inflation data
German inflation figures will be released on Wednesday and the wider euro zone's reading on Friday, along with the U.S. core personal consumption expenditures (PCE) price index - the Federal Reserve's preferred measure of inflation.
Dollar hovers near highest in a week after hawkish Fed minutes
Ether continued to hover near Tuesday's more than two-month peak amid speculation over the potential approval of U.S. spot exchange-traded funds that would track the world's second-biggest cryptocurrency.
Dollar consolidates as Fed urges patience; markets await meeting minutes
Investors have been shoring up rate cut bets after a milder inflation reading last week boosted expectations for U.S. rate cuts this year.
Dollar nurses losses after another set of soft jobs data
The dollar's retreat followed data showing a jump in initial claims for U.S. state unemployment benefits which, coming on top of last week's weak payrolls report, furthered risk-taking in a market that has been vacillating for weeks on when and how much the Federal Reserve will cut rates this year.
Dollar holds its ground as key inflation data looms
The dollar held tight ranges against most peers on Thursday as traders awaited key U.S. inflation data for cues on Federal Reserve policy, while the focus on the massive interest rate gap between Japan and the U.S. helped it make some gains on the yen.
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