The Great Britain pound sterling (usually called simply “pound” or “sterling”) is the currency used in the United Kingdom and in British territories. Banknotes were introduced following the creation of the Bank of England in 1694, but the history of the currency can be traced long before that, making the pound the oldest world currency that is still in use. The sterling was the most important currency in the world before the World War I. After the World War II had broken out, several countries (for the most part those that belonged to the British Empire) either introduced the pound as their own currency, or pegged their currencies to the sterling. These countries have become know as the sterling area. The importance of the UK currency and the sterling was diminished after the pound was allowed to float freely in 1972. Subsequently, the role of the major world medium of exchange passed to the US dollar. It is still the fourth most traded currency after the dollar, the euro and the yen. The pound is also used as a reserve currency.



Great Britain Pound News Archive

UK Services PMI Adds to Strength of Pound

The Great Britain pound rose today as data showed that the service sector expanded last month faster than was expected, adding to signs of economic recovery in the United Kingdom.

Pound Firm as Construction PMI Beats Expectations

The Great Britain pound remained strong today as data showed that the construction sector shrank last month less than was predicted by analysts, giving hope that the UK economy is recovering.

Sterling Rallies as Drop of Manufacturing Smaller Than Predicted

The Great Britain pound rallied today even as data showed that manufacturing shrank last month. The good part of the report was that the sector’s decline was smaller than anticipated by analysts.

Falling Consumer Confidence Does Not Affect Pound Much

The Great Britain pound was little changed today even after UK consumer confidence unexpectedly fell this month, suggesting that the Britain’s problems did not end yet.

Britain Avoids Triple-Dip Recession; Pound Rallies

UK pound is getting a boost today, thanks to the latest economic data. Indications that the economy grew, rather than contracted, are helping the pound, as it might mean an end is in sight for the current quantitative easing program.

Pound Gains on Europe’s Woes, Trims Rally vs. Euro

The Great Britain pound rallied today as poor macroeconomic data from Europe increased the appeal of the UK currency as a safe haven against problems in the eurozone. The sterling trimmed its gains versus the euro as Britain’s retail sales unexpectedly fell.

Pound Drops on Domestic Fundamentals, Attempts to Recover

The Great Britain pound weakened today as a report showed that industrial order expectations fell this month, confirming that the UK economy continues to remain weak.

UK Pound Struggles after Earlier Success

UK pound is struggling right now, following earlier strength against the US dollar. UK retail sales data helped, but it hasn’t been enough for the pound to retain its gains against the greenback.

UK Pound Struggles after Unemployment Numbers

UK pound is struggling today, dropping as lackluster economic data continues to indicate that more stimulus is likely. This time, it’s about the unemployment numbers.

Pound Rises as Inflation Remains Above BoE Target

The Great Britain pound rose today as inflation remained above the central bank’s target, reducing probability of additional monetary easing by the Bank of England.

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