{"id":5878,"date":"2024-03-28T14:00:50","date_gmt":"2024-03-28T12:00:50","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=5878"},"modified":"2024-03-28T14:00:50","modified_gmt":"2024-03-28T12:00:50","slug":"sterling-bows-to-dollar-strength-after-uk-gdp-data","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=5878","title":{"rendered":"Sterling bows to dollar strength after UK GDP data"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>The<strong> pound eased on Thursday after data confirmed the UK economy entered recession<\/strong> in the second half of last year and as the dollar put on a display of broad-based strength as the month and the quarter end.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-404243057\">\n<div id=\"cypru-1603608387\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-3401756478554-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Action in the currency market has been dominated this week by the prospect of the Bank of Japan intervening to buy the yen, which has hit its weakest since 1990 against the dollar.<br \/>\nSterling was last down 0.2 per cent, but was still on course for a 0.2 per cent gain this week against the dollar, ahead of key US inflation data on Friday. The pound held steady against the euro, which traded at 85.63 pence.<br \/>\nThe pound also fell against the yen, dropping 0.24 per cent to 190.79 yen, having hit its highest against the Japanese currency since August 2015 this week.<br \/>\nOn the corporate front, Thames Water, Britain\u2019s largest utility, faced a new crisis after shareholders said they would not offer further funding.<br \/>\nBritish finance minister Jeremy Hunt said the government would continue to monitor Thames Water \u201cvery carefully\u201d and that it was still solvent.<br \/>\nThe government said last year it was ready for any outcome, including temporary state ownership, if needed, although Thursday\u2019s development had no direct impact on sterling.<br \/>\n\u201cI don\u2019t think it\u2019s a huge story. The move we\u2019re seeing across the board is pretty broad-based dollar strength and cable is bearing the brunt of that,\u201d Pepperstone strategist Michael Brown said. \u201cIt\u2019s pretty much in line with the others so I wouldn\u2019t be too concerned about that.\u201d<br \/>\nOn the macro front, UK gross domestic product shrank by 0.1 per cent in the third quarter and by 0.3 per cent in the fourth quarter, unchanged from preliminary estimates, the Office for National Statistics said.<br \/>\nMarkets had already factored in a mild recession late last year and the numbers did not trigger an outsized reaction in the pound, or have any impact on expectations for monetary policy.<br \/>\nLast week, the Bank of England opened the door to the prospect of a cut in interest rates, which has prompted a rally in UK government bonds, but undermined sterling.<br \/>\nTwo-year gilts, the most sensitive to changes in rate expectations, have fallen 25 basis points in March, heading for their first monthly drop since November.<br \/>\nFutures markets show traders see a roughly 20 per cent chance of the BoE cutting rates at its next meeting in May, although June\u2019s meeting is still the most likely point, with a 55 per cent chance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound eased after data confirmed the UK economy entered recession in the second half of last year.<\/p>\n","protected":false},"author":3,"featured_media":5879,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1902,47,48,195,461,3832,3,2369,3818,260,26,3251,599,569,518,304,696,250,3330,415,2839,67,899,1401,2042,34,1346,1473,3331,1012,2836,3335,1400,3886,3814,1123,494,3885,1630,380,651,962,3833],"class_list":["post-5878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-bank","tag-bank-of-england","tag-bank-of-japan","tag-britain","tag-british","tag-currency","tag-cyprus","tag-data","tag-development","tag-dollar","tag-economy","tag-england","tag-euro","tag-finance","tag-finance-minister","tag-funding","tag-gdp","tag-google","tag-google-news","tag-government","tag-government-bonds","tag-inflation","tag-interest","tag-interest-rates","tag-japan","tag-markets","tag-meeting","tag-mild","tag-news","tag-numbers","tag-office-for-national-statistics","tag-pound","tag-rally","tag-recession","tag-statistics","tag-sterling","tag-uk","tag-uk-economy","tag-uk-gdp","tag-us","tag-us-inflation","tag-water","tag-yen"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sterling bows to dollar strength after UK GDP data<\/title>\n<meta name=\"description\" content=\"recession. pound, UK economy, recession\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sterling bows to dollar strength after UK GDP data\" \/>\n<meta property=\"og:description\" content=\"recession. pound, UK economy, recession\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ch.jfdi.cc\/?p=5878\" \/>\n<meta property=\"og:site_name\" content=\"ch.jfdi.cc\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-28T12:00:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1293\" \/>\n\t<meta property=\"og:image:height\" content=\"844\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cyprus Mail\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cyprus Mail\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878\"},\"author\":{\"name\":\"Cyprus Mail\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#\\\/schema\\\/person\\\/606e0fbe40ab1cad97176ec3e4e248f8\"},\"headline\":\"Sterling bows to dollar strength after UK GDP data\",\"datePublished\":\"2024-03-28T12:00:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878\"},\"wordCount\":424,\"image\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg\",\"keywords\":[\"bank\",\"Bank of England\",\"Bank of Japan\",\"Britain\",\"British\",\"currency\",\"Cyprus\",\"data\",\"development\",\"Dollar\",\"Economy\",\"England\",\"euro\",\"finance\",\"finance minister\",\"funding\",\"gdp\",\"Google\",\"Google News\",\"government\",\"government bonds\",\"inflation\",\"interest\",\"interest rates\",\"japan\",\"Markets\",\"meeting\",\"mild\",\"news\",\"numbers\",\"Office for National Statistics\",\"pound\",\"rally\",\"recession\",\"statistics\",\"sterling\",\"uk\",\"UK economy\",\"UK GDP\",\"US\",\"us inflation\",\"water\",\"yen\"],\"articleSection\":[\"Other\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878\",\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878\",\"name\":\"Sterling bows to dollar strength after UK GDP data\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg\",\"datePublished\":\"2024-03-28T12:00:50+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#\\\/schema\\\/person\\\/606e0fbe40ab1cad97176ec3e4e248f8\"},\"description\":\"recession. pound, UK economy, recession\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878#primaryimage\",\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg\",\"contentUrl\":\"https:\\\/\\\/ch.jfdi.cc\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg\",\"width\":1293,\"height\":844,\"caption\":\"Sterling bows to dollar strength after UK GDP data\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=5878#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/ch.jfdi.cc\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sterling bows to dollar strength after UK GDP data\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#website\",\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/\",\"name\":\"ch.jfdi.cc\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/ch.jfdi.cc\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#\\\/schema\\\/person\\\/606e0fbe40ab1cad97176ec3e4e248f8\",\"name\":\"Cyprus Mail\",\"sameAs\":[\"https:\\\/\\\/cyprus-mail.com\\\/\"],\"url\":\"https:\\\/\\\/ch.jfdi.cc\\\/?author=3\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sterling bows to dollar strength after UK GDP data","description":"recession. pound, UK economy, recession","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Sterling bows to dollar strength after UK GDP data","og_description":"recession. pound, UK economy, recession","og_url":"https:\/\/ch.jfdi.cc\/?p=5878","og_site_name":"ch.jfdi.cc","article_published_time":"2024-03-28T12:00:50+00:00","og_image":[{"width":1293,"height":844,"url":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg","type":"image\/jpeg"}],"author":"Cyprus Mail","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Cyprus Mail","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ch.jfdi.cc\/?p=5878#article","isPartOf":{"@id":"https:\/\/ch.jfdi.cc\/?p=5878"},"author":{"name":"Cyprus Mail","@id":"https:\/\/ch.jfdi.cc\/#\/schema\/person\/606e0fbe40ab1cad97176ec3e4e248f8"},"headline":"Sterling bows to dollar strength after UK GDP data","datePublished":"2024-03-28T12:00:50+00:00","mainEntityOfPage":{"@id":"https:\/\/ch.jfdi.cc\/?p=5878"},"wordCount":424,"image":{"@id":"https:\/\/ch.jfdi.cc\/?p=5878#primaryimage"},"thumbnailUrl":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg","keywords":["bank","Bank of England","Bank of Japan","Britain","British","currency","Cyprus","data","development","Dollar","Economy","England","euro","finance","finance minister","funding","gdp","Google","Google News","government","government bonds","inflation","interest","interest rates","japan","Markets","meeting","mild","news","numbers","Office for National Statistics","pound","rally","recession","statistics","sterling","uk","UK economy","UK GDP","US","us inflation","water","yen"],"articleSection":["Other"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/ch.jfdi.cc\/?p=5878","url":"https:\/\/ch.jfdi.cc\/?p=5878","name":"Sterling bows to dollar strength after UK GDP data","isPartOf":{"@id":"https:\/\/ch.jfdi.cc\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ch.jfdi.cc\/?p=5878#primaryimage"},"image":{"@id":"https:\/\/ch.jfdi.cc\/?p=5878#primaryimage"},"thumbnailUrl":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg","datePublished":"2024-03-28T12:00:50+00:00","author":{"@id":"https:\/\/ch.jfdi.cc\/#\/schema\/person\/606e0fbe40ab1cad97176ec3e4e248f8"},"description":"recession. pound, UK economy, recession","breadcrumb":{"@id":"https:\/\/ch.jfdi.cc\/?p=5878#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ch.jfdi.cc\/?p=5878"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/ch.jfdi.cc\/?p=5878#primaryimage","url":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg","contentUrl":"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/sterling-bows-to-dollar-strength-after-uk-gdp-data.jpg","width":1293,"height":844,"caption":"Sterling bows to dollar strength after UK GDP data"},{"@type":"BreadcrumbList","@id":"https:\/\/ch.jfdi.cc\/?p=5878#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ch.jfdi.cc\/"},{"@type":"ListItem","position":2,"name":"Sterling bows to dollar strength after UK GDP data"}]},{"@type":"WebSite","@id":"https:\/\/ch.jfdi.cc\/#website","url":"https:\/\/ch.jfdi.cc\/","name":"ch.jfdi.cc","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ch.jfdi.cc\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/ch.jfdi.cc\/#\/schema\/person\/606e0fbe40ab1cad97176ec3e4e248f8","name":"Cyprus Mail","sameAs":["https:\/\/cyprus-mail.com\/"],"url":"https:\/\/ch.jfdi.cc\/?author=3"}]}},"_links":{"self":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/posts\/5878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5878"}],"version-history":[{"count":0,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/posts\/5878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=\/wp\/v2\/media\/5879"}],"wp:attachment":[{"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ch.jfdi.cc\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}