Breaking News

Sterling dips on BoE stimulus forecasts

News Date: 4/8/2016 05:20:54
 
Sterling gave up ground on Thursday as analysts expected the Bank of England to cut interest rates by 0.25% to a new record low of 0.25% to stave off the risks brought by Britain's vote to exit the European Union.

The pound last traded at 1.3300 against the dollar, down 0.20% on the day and with a session-low at 1.3279, but the British currency held steady against the euro, hovering near the closing level at 0.8370.

Stocks on the other hand advanced handily, boosted by financial stocks, with Japan's Nikkei index surging 1.07% at the close to 16,254, recovering some of its past heavy losses, while the pan-European FTSEurofirst 300 index added 0.40%.

Oil prices returned lower after earlier data showed a big buildup in U.S. crude inventories, with U.S. crude futures down 13 cents, or 0.32% to $40.70 a barrel, while Brent crude futures lost 34 cents, or 0.80% to $42.76 a barrel.

Investors await a bunch of U.S. data later, with unemployment claims expected to have slipped to 265 thousand last week from the previous reading's 266K, which would be positive for the dollar.

Factory orders on the other hand is forecast to have tumbled 1.8% m/m in June, adding to May's 1.0% tumble, which would add to concerns over the strength of the American manufacturing sector.

Latest news

After the speeches delivered by Federal Reserve Chairman Jerome Powell, announcing that the interest rate will rise by 50 points instead of 70 points, gold prices rose by more than 2% to reach levels
12-2022 02 03:06:59

US Federal Reserve Chairman Jerome Powell announced the decision to slow the rate of interest rate hikes, starting in December, and stated that inflation is still very high, and that interest rates w
12-2022 01 02:57:28

The dollar fell from the highest level in a week on Wednesday, before a speech by the Chairman of the Economic Reserve, Jerome Powell, and became hovering near its lowest level in a month, and the ma
11-2022 30 04:50:47

Stocks in the United States closed lower at the end of yesterday’s trading, after the Chinese protests against the policies of Covid 19 raised economic concerns, to accompany the shares indices
11-2022 29 01:22:11

The dollar rose at the beginning of the week’s trading , due to the rush of investors towards it – as a safe haven – and after the Japanese yen fell due to the uncertainty that over
11-2022 28 02:00:56

More News

Logs

Advertisements