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Tag: Pound

Stock markets and pound rise on Brexit deal hopes

Stock markets and pound rise on Brexit deal hopes

Business
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Pound takes hit as investors fret over PM Johnson’s virus fight

Pound takes hit as investors fret over PM Johnson’s virus fight

Business
The pound has taken a hit against the safe haven dollar on news of Boris Johnson's deterioration as he battles coronavirus in intensive care.Sterling lost six tenths of a cent against the greenback late on Monday evening when it was confirmed the PM's condition had taken a turn for the worse. Market analysts warned that the UK currency was likely to be pegged to developments on Mr Johnson's health as Dominic Raab, the foreign secretary, steps up to assume some of his responsibilities. Image: Pound reacts to news of Boris Johnson's health The pound had been trading at around $ 1.23 in advance of the Downing Street statement, and had recovered some of the ground lost during Asia trading overnight.Its fortunes were in stark contrast to t...
Pound at 35-year low as markets react to ‘magnitude of pandemic’

Pound at 35-year low as markets react to ‘magnitude of pandemic’

Business
Global stock markets have hit reverse again while the pound is at its lowest level against the dollar in 35 years as investors flee ever deepening gloom over the coronavirus crisis.The FTSE 100 plunged by just over 4% on Wednesday to 5,080 points - wiping out strong gains seen the day before - despite "unprecedented" measures announced by chancellor Rishi Sunak to help businesses and households weather the storm. Markets had been lifted on Tuesday by the promise of stimulus measures, with New York's Dow Jones climbing more than 5% after US President Donald Trump unveiled plans for an $ 850bn stimulus package, including help for airlines. But it took less than 24 hours for the enthusiasm to fade, with Asian markets falling again overnight and the US and European indices following, firml...
Met Office forecasters set for ‘billion pound’ supercomputer

Met Office forecasters set for ‘billion pound’ supercomputer

Science
Ever wondered why your village was suddenly flooded by a thunderstorm the weather forecasters hadn't mentioned?Or why they failed to warn you about the dense fog shrouding your home in the morning? The fact is that predicting the "big picture" of future conditions has got a lot better - Storm Dennis was spotted six days before it arrived.But getting local forecasts right - street by street and hour by hour - is still a massive challenge. And that might now change as the Met Office secures the help of a supercomputer project costing £1.2bn.Better forecasting means handling more data, more rapidly, and running it through simulations of the atmosphere more accurately.Already the Met Office is pulling in more than 200 billion observa...
Pound surges as UK-Irish talks reveal ‘pathway’ to Brexit deal

Pound surges as UK-Irish talks reveal ‘pathway’ to Brexit deal

Business
The pound has risen sharply after Britain and Ireland issued a joint statement saying they "could see a pathway" to a possible Brexit deal.Sterling spiked by more than two and a half cents against the US dollar to just under $ 1.25 and was on course for its largest one-day percentage gain in seven months. The UK currency also surged by two cents versus the euro to €1.13.It came after Irish Prime Minister Leo Varadkar said following talks with Boris Johnson that he was "now absolutely convinced" that Britain wanted a Brexit deal and that it was possible to achieve one by the end of October.The pound has been gripped by the twists and turns of the Brexit saga, with fears of a no-deal dragging on the currency as the deadline for the UK to leave at the end of this month nears - and any signs o...