Pound rises as Liz Truss announces resignation

Image Source: Bloomberg In response to the markets’ reactions to Prime Minister Liz Truss’ resignation, the pound appreciated against the dollar, and interest rates on government borrowing fell. As Ms. Truss announced, the pound’s value surged to $1.13 and then dropped back to $1.12 in the late afternoon. Despite much uncertainty, one expert claimed that […]

Pound rises as chancellor moves to calm markets

Image Source: Bloomberg Pound increased, and the cost of borrowing money from the government dropped. On Monday, investors cheered Chancellor Jeremy Hunt’s announcement that most mini-budget tax measures would be reversed. Compared to the dollar, the pound continued in an upward trajectory and was trading above $1.13 at the close of business yesterday. In addition, […]

Pound sinks as investors question huge tax cuts

Image Source: USA Herald As financial markets reacted to the most significant tax cuts in 50 years, the pound dropped to a new 37-year low versus the dollar. UK stocks also fell after chancellor Kwasi Kwarteng announced a slew of economic and tax reforms as part of a major restructuring of the nation’s finances. The […]

Pound hits new 37-year low as retail sales slide

Image Source: Exchange Rates After data revealed that UK retail sales plunged significantly in August as the rise in the cost of living continued to affect consumers, the pound dropped to a 37-year low against the US dollar. The 1.6% larger-than-anticipated decline in sales volumes raised further worries about the status of the economy. August […]

Pound in biggest monthly fall against the dollar since 2016

Image Source: Bloomberg Worries over the UK economy caused the pound to fall 4.6% against the US dollar in August. The last time the pound plummeted that far against the dollar was in the aftermath of the Brexit vote in October 2016. On the currency markets, the sterling fell below $1.16 once more on Thursday […]