Inflation in the UK dropped modestly in May as a drop in air fares and transport costs were largely offset by rising food prices, particularly chocolate, official figures showed Wednesday. The Office of National Statistics said consumer prices rose by 3.4% in the year to May, down from 3.5% the previous month. That means inflation … Read more
The dollar was on track for a weekly gain against major currencies, including the Swiss franc, yen and euro on Friday, after a U.S.-UK trade deal increased optimism about upcoming U.S.-China talks. Financial markets headed into the weekend with the focus squarely on trade negotiations between Washington and Beijing due to begin on Saturday in … Read more
The dollar was struggling to hold its ground on Monday even as concerns about a U.S. recession eased just a little, while investors awaited actual evidence of a thaw in Sino-U.S. trade relations, as opposed to just hints from officials. The solid March payrolls report had offered the dollar support by lengthening the odds on … Read more
Britain’s economy failed to grow in the third quarter, official figures showed on Monday, adding to the signs of a slowdown that has cast a shadow over Prime Minister Keir Starmer’s new government.The Office for National Statistics lowered its estimate for the change in gross domestic product output to 0.0% in the July-to-September period from … Read more
Kolkata: India’s central bank governor Shaktikanta Das has backed the role of legal digital currencies in fostering trade beyond national frontiers, underscoring how such monetary units limit the scope for intermediaries and help reduce transaction costs linked to the movement of funds. “The biggest potential for CBDC (central bank digital currencies) going forward will be … Read more
Spot gold closed with a loss of 0.23% at $2440 on Friday. However, the metal was up 2.30% on the week, a data and event packed week, as the US yields and the Dollar Index pummeled on the economic concerns. In Friday’s session, initially, spot gold surged on a weak non-farm payroll report and came … Read more
Arnab Das, Global Market Strategist -EMEA, Invesco, says the UK election was relatively predictable as to the big picture here, which is that power switching from the right to the centre and left. Not much is going to change in the short term. There will be some symbolic changes in taxes here and there, but … Read more
The Bank of England kept interest rates at the highest level in 15 years as its policy makers persisted with their higher-for-longer message despite growing market bets on a wave of cuts in 2024. The Monetary Policy Committee voted 6-3 to keep its key policy rate at 5.25% for the third consecutive meeting, according to … Read more
Mumbai: The Bank of England has provided a three-and-a-half-year time frame for three domestic clearing houses to work out an inspection framework amenable to UK norms, giving British banks an advantage over their European counterparts when it comes to handling investment flows to India. The European markets regulator in October 2022 de-recognised six domestic clearing … Read more
LONDON- The Bank of England halted its long run of 14 straight interest rate hikes on Thursday as the British economy slowed, but it said it was not taking a recent fall in inflation for granted. A day after a surprise slowing in Britain’s fast pace of price growth, the BoE’s Monetary Policy Committee voted … Read more