Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The pound is under pressure after the release of data on the British economy


January, 24 2023
watermark Economic news

On Tuesday, the pound sterling is declining after the release of economic statistics indicating a reduction in activity in the UK economy and the likelihood of a recession in 2023.


The current quote of the GBP/USD currency pair is 1.2293. The British currency declined after the preliminary composite Purchasing Managers' Index (Composite PMI) showed that in January business activity in the private sector declined at the fastest pace in two years. Analysts explain such dynamics by raising the Bank of England rate, strikes and weak consumer demand.


Simon Harvey, chief currency analyst at Monex Europe, noted that at best this year the British economy will stagnate. But if we assess the situation realistically, we should expect a recession.


Nevertheless, it is expected that at the meeting on February 2, the Bank of England will raise interest rates for the tenth time in a row. Currently, the rate level is 3.5%, whereas at the beginning of last year the rate was only 0.1% per annum.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.