Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Sterling wavers as markets gauge reported Israeli attack on Iran

2024 04 19T093653Z 1 LYNXNPEK3I0BS RTROPTP 4 SVB FINANCIAL GROUP STOCK - Global Banking | Finance

Sterling wavers as markets gauge reported Israeli attack on Iran

By Harry Robertson

LONDON (Reuters) – The pound was little changed on Friday after falling to a five-month low against the dollar in Asian trading hours as investors responded to reports of an Israeli attack on Iran.

People familiar with the matter told Reuters that Israel attacked Iran, days after Iran launched an unprecedented assault on Israel in response to a suspected Israeli strike on its consulate in Syria.

Safe-haven currencies such as the Swiss franc, yen and dollar initially spiked on the news, helping push down the pound and the euro.

Yet the market reaction later unwound somewhat after Iran played the incident down and said it did not plan a new response.

Sterling was last up very slightly at $1.2446, after dropping to $1.2388 in Asia.

The pound is down marginally for the week but off by 1.5% for the month so far after a jump in the dollar caused by strong U.S. economic data. The dollar index was 0.1% higher on Friday.

The euro was little changed against the pound at 85.58 pence, having traded around that level since February.

Aside from tensions in the Middle East, UK investors were parsing data which showed retail sales stagnated in March despite inflation easing, a reminder of the troubled state of the economy.

Economists polled by Reuters had forecast sales volumes would increase by 0.3% on the month.

“Stagnating March retail sales provide a disappointing end to the quarter,” said Rob Wood, chief UK economist at Pantheon Macroeconomics.

“Even so, stagnation is a significant turnaround from the large retail volumes falls seen over the past two years.”

Traders broadly expect the Bank of England to lower interest rates once or twice this year, likely starting in August or September, according to pricing in derivatives markets.

Markets were expecting four or more rate cuts at the start of the year but the strength of U.S. growth and price pressures, and a slight tick-up in UK growth, have raised doubts about whether inflation has been conquered.

(Reporting by Harry Robertson; editing by Christina Fincher)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post