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Thursday, February 9, 2023
  • Market Overview
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    Investors with $30 trln to push companies on human rights, social issues By Reuters

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    Exclusive-U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors By Reuters

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    Goldilocks and the three bears By Reuters

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    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

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  • Forex
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  • Bonds
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    • Economic Indicators
      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

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    • Analysis Stock Markets
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  • Market Overview
    Most Adani shares continue losses; founder loses $28 billion in month

    Most Adani shares continue losses; founder loses $28 billion in month

    Russia-Ukraine war updates for Nov.30, 2022

    Russia-Ukraine war updates for Nov.30, 2022

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    FTX CEO Sam Bankman-Fried denies crypto exchange fraud

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

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    Trenches, endless mud and death: the Battle of Bakhmut

    Stock futures tick higher after Wednesday’s rally

    Stock futures tick higher after Wednesday’s rally

    MARKET LIVE: Sensex off 300pts from high, Nifty holds 18,800; ICICI slips

    MARKET LIVE: Sensex off 300pts from high, Nifty holds 18,800; ICICI slips

  • Stock Markets
    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Rondure Global Advisors Q3 2022 Commentary

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    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Macro Headwinds To Keep Pressure On Copper Prices

    Macro Headwinds To Keep Pressure On Copper Prices

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

    Meta executive says holiday sales were earlier and bigger this year By Reuters

    Investors with $30 trln to push companies on human rights, social issues By Reuters

    Investors with $30 trln to push companies on human rights, social issues By Reuters

    Exclusive-U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors By Reuters

    Exclusive-U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors By Reuters

  • Analysis Forex
    Pension Investments in Private Credit Hit Eight-Year High

    Pension Investments in Private Credit Hit Eight-Year High

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    Most Viewed Business News Articles, Top News Articles

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

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    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Inequality in Society Drives Stock-Market Performance

    Inequality in Society Drives Stock-Market Performance

    Being a Cheap Date Is Suddenly a Major Plus

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    Meet Kevin, the ETF – WSJ

    Meet Kevin, the ETF – WSJ

  • Economy
    Goldilocks and the three bears By Reuters

    Goldilocks and the three bears By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    Indonesia November inflation cools further but stays above target By Reuters

    U.S. appeals court rejects Biden’s bid to revive student debt plan By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    IMF strategy chief heads to China, to focus on speeding up debt treatments By Reuters

    Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

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    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    Philippines central bank ready to adjust policy settings amid resilient economy By Reuters

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    Zambia on track for debt restructuring next quarter -finance minister By Reuters

    Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

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    Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

    RBI seen raising rates by smaller 35bps in Dec, hiking again in early 2023: Reuters poll By Reuters

  • Cryptocurrency
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    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

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    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

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    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

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    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

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    Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more… By Cointelegraph

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    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

  • Forex
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    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

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  • Commodities
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    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

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    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

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  • Bonds
  • More
    • Analysis Cryptocurrency
    • Economic Indicators
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      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

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      Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

      India’s jobless rate rises to three-month high of 8% in Nov

      Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

      India Nov factory activity hits 3-month high as inflation cools By Reuters

      Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

      German retail sales fall in October as inflation takes hold By Reuters

    • Analysis Stock Markets
    • Crypto News
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Home Forex

Defiant pound sees biggest monthly rise since 2020

December 1, 2022
in Forex
Defiant pound sees biggest monthly rise since 2020
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Defiant pound sees biggest monthly rise since 2020 - but still trails most peers© Reuters. FILE PHOTO: An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, in this March 25, 2008 file photograph. REUTERS/Luke Macgregor

By Harry Robertson

LONDON (Reuters) – The pound has pulled off its biggest monthly increase against the U.S. dollar since July 2020 in November, although its rally was eclipsed by peers such as the yen and the Swiss franc.

Sterling had jumped about 5% against the greenback in November, as of 2110 GMT Wednesday, with a slowdown in U.S. inflation providing some much-needed relief to the world’s battered currencies.

Sterling speculative positioning https://fingfx.thomsonreuters.com/gfx/mkt/jnpwyezrepw/Net%20shorts%20sterling.png

The rally came on top of a 2.7% rise in October, when Rishi Sunak replaced Liz Truss as prime minister, burying her plans for large unfunded tax cuts. The pound traded at around $1.20 on Wednesday, far above September’s record low of $1.033.

Yet November’s performance was driven more by the U.S. economy than any excitement about Britain’s prospects, analysts said. Others in the top 10 most traded currencies fared better than sterling in November, with Japan’s yen jumping more than 7%.

Pound histogram – monthly https://fingfx.thomsonreuters.com/gfx/mkt/jnvwyezdevw/Pound%20histogram%20November%20final.png

Soaring U.S. interest rates have sucked money back to dollar assets this year. But a sharp fall in the U.S. inflation rate in October caused traders to bet the Federal Reserve will slow down its rate hikes. That triggered a plunge in bond yields and the biggest monthly drop in the , which measures the greenback against a basket of peers, since 2010.

“We’ve seen both the arrival of the so-called adults in the room … and we’ve seen a pretty remarkable thaw in the background globally, with clear intent by the Fed to slow its pace of tightening,” said John Hardy, head of FX strategy at Saxo Bank.

Strategists said traders rapidly reducing their bets against the pound in the futures market, as the government changed and U.S. inflation data shifted, has added impetus to the rally.

“The broader FX move does seem to be related to a broader positioning unwind,” said Meera Chandan, co-head of global FX strategy at JPMorgan (NYSE:).

Most G10 currencies beat the pound in November Most G10 currencies beat the pound in November https://www.reuters.com/graphics/BRITAIN-STERLING/znpnbeoqepl/chart.png

Sterling’s rise is less impressive when looked at from other angles. Against the euro, the pound slipped slightly in November. And so far this year, its fall of roughly 11% versus the dollar is considerably worse than the euro’s decline of 9%.

“We think the easy gains have been had for now,” said James Athey, investment director at Abrdn. “The reality is that a recession is coming, and a Fed rescue is coming less quickly than in recent years.”

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