Pound Stabilises after Weak UK Employment Data
The pound has stabilised after weak UK Employment data which was released earlier today by the Office for National Statistics (ONS).
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The pound has stabilised after weak UK Employment data which was released earlier today by the Office for National Statistics (ONS).
The Bank of England (BoE) has indicated more aggressive rate cuts than expected by investors.
On Wednesday, the Swedish central bank Riksbank cut its policy rate to 3.75% from 4%, as was expected.
The Australian dollar (AUD) depreciated against the US dollar (USD) following the RBA’s policy decision to keep interest rates at 4.35%.
The GBP appears to be an appealing currency against the EUR and other G10 currencies as the BoE would not lower interest rates as much as the market anticipates.
The euro struggled to sustain its gains against a strong US dollar on Tuesday’s early New York session.
ECB officials continue to favour cutting rates several times this year, despite the ongoing Middle East conflict and higher US inflation.
On Wednesday, the Indian Rupee (INR) weakened slightly against the US dollar (USD), primarily due to increased demand for the greenback from importers.
The FTSE 100 has risen on Tuesday, extending yesterday’s rally, after increased hopes that the Bank of England will cut interest rates twice this year.
Sterling (GBP) strengthened on Wednesday and rallied against the greenback after the release of hotter-than-expected inflation data for March.
Universal Partners FX Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution under the Payment Services Regulations 2017. Our FCA Firm Reference Number is 820037.
For some clients based in the United Kingdom and rest of the world, payment services and e-money services for Universal Partners FX Ltd are also provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).
For clients based in the European Economic Area, payment services for Universal Partners FX Ltd are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).
For clients based in the United States, payment services for Universal Partners FX Ltd are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.
© Copyright Universal Partners FX 2023 | All Rights Reserved | Universal Partners FX Ltd, The South Quay Building, 77 Marsh Wall, Canary Wharf, London, E14 9SH, United Kingdom. Registered in England & Wales, number: 10674030.