{"id":42747,"date":"2022-07-06T18:54:30","date_gmt":"2022-07-06T18:54:30","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=42747"},"modified":"2022-07-06T18:54:35","modified_gmt":"2022-07-06T18:54:35","slug":"pound-fallen-to-a-two-year-low-against-dollar","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=42747","title":{"rendered":"Pound fallen to a two year low against dollar"},"content":{"rendered":"\n

The pound has fallen to a two-year low against the dollar reflecting traders\u2019 increasing concerns about recession around the world as energy prices continue to soar.<\/p>\n\n\n\n

But sterling is also weak because markets are worried about future UK economic growth, analysts said.<\/p>\n\n\n\n

Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added.<\/p>\n\n\n\n

London shares regained some ground on Wednesday following Tuesday\u2019s falls.<\/p>\n\n\n\n

The resignation of two senior government ministers on Tuesday evening, including former Chancellor Rishi Sunak, was not a significant factor in the pound\u2019s fall, Rabobank head currency strategist Jane Foley told the BBC Radio 4 Today programme.<\/p>\n\n\n\n

\u201cThe market is so much more concerned with growth, and what is this government going to do\u2026 the news in itself didn\u2019t create too many additional woes,\u201d she said.<\/p>\n\n\n\n

On Tuesday the pound fell below $1.19 for the first time since March 2020, when the first UK Covid lockdown was brought in.<\/p>\n\n\n\n

ALSO READ:<\/strong><\/p>\n\n\n\n

A weak pound means that imports such as food become more expensive, and it pushes up the price of petrol at the pumps. It also means that UK holidaymakers get less for their money when buying abroad.<\/p>\n\n\n\n

However, UK products and services that are sold abroad can become more attractively priced for foreign customers.<\/p>\n\n\n\n

The pound to dollar rate was flat on Wednesday, while markets rose in London and Europe, with some analysts saying they were resetting to a lower level.<\/p>\n\n\n\n

The FTSE 100 stock market in London, which fell nearly 3% on Tuesday, rose by about 1% in morning trading on Wednesday.<\/p>\n\n\n\n

Russ Mould, investment director at AJ Bell, said markets could have regained some ground on investor hope that a planned corporation tax rise in 2023 could be scrapped.<\/p>\n\n\n\n

It could also be that stocks were \u201coversold\u201d on Tuesday, he added.<\/p>\n\n\n\n

The dollar is performing strongly due to US interest rate rises and because investors see it as a safe bet.<\/p>\n\n\n\n

\u201cNow many people are worried about recession \u2013 recession in the US, recession in Europe, and of course we\u2019ve got our cost of living crisis here in the UK,\u201d Ms Foley said.<\/p>\n\n\n\n

\u201cSterling is still weak on its own, and that is despite the fact that the Bank of England have hiked interest rates five times this cycle already, and the reason for that is that the market is very concerned about the growth outlook here in the UK,\u201d she said.<\/p>\n\n\n\n

Sterling could fall even further, she said. One of the issues concerning investors is the shortage of UK labour, which hasn\u2019t gone back to pre-pandemic levels \u201cbecause we\u2019ve lost a lot of workers\u201d, she said.<\/p>\n\n\n\n

Many people left the labour market during the pandemic, and due to a combination of Covid and Brexit, foreign workers who had left did not return.<\/p>\n\n\n\n

George Godber, a fund manager with Polar Capital, said gas prices were set to rise even further later in the year: \u201cOur companies are struggling with this deteriorating economic outlook. How do businesses and consumers plan for rising gas prices, and the squeeze in energy [prices] that we\u2019re seeing in the December contract for gas?\u201d<\/p>\n\n\n\n

On Tuesday the BBC reported that UK household energy bills are heading to \u00a33,000 per year this winter.<\/p>\n\n\n\n

The recent fall in sterling also came about because of the UK government \u201caggravating the Northern Ireland protocol\u201d, Mr Godber said.<\/p>\n\n\n\n

Investors have been worried that the escalating dispute over the post-Brexit trading arrangements for Northern Ireland risks seeing the government scrapping parts of that deal, which could trigger a trade war.<\/p>\n\n\n\n

\u201cInternational investors don\u2019t like that, and it puts a lot of pressure on the pound, and that in turn feeds through to the economy,\u201d he said. \u201cThe petrol prices are high because sterling has been weak.\u201d<\/p>\n\n\n\n

Russ Mould said international investors had also been concerned about UK government plans to change human rights law to make it easier to send asylum seekers to Rwanda.<\/p>\n\n\n\n

Changes in prices at the pump for petrol are mainly down to the price of crude oil, and how the pound is performing against the dollar, because crude oil is traded in dollars.<\/p>\n\n\n\n

Chancellor Nadhim Zahawi, who was appointed to the role on Tuesday, said Prime Minister Boris Johnson\u2019s focus was on \u201cdelivering\u201d.<\/p>\n\n\n\n

\u201cHow do we rebuild the economy as we have now come out of the global pandemic, and of course how do we make sure the economy is resilient with the energy price shock because of [Russian President] Putin\u2019s illegal invasion of Ukraine?\u201d<\/p>\n\n\n\n

\u201cHow do we deal with inflation as well as bearing down on taxes?\u201d Mr Zahawi said.<\/p>\n\n\n\n

In terms of cutting taxes, \u201cnothing is off the table,\u201d he said. \u201cCompanies make investment decisions over the long term. One of the taxes they can compare globally is corporation tax, and I want to take a very careful look at all the measures that I can bring to bear, to bear down on inflation but also return to that dynamic economy that delivers growth.\u201d<\/p>\n\n\n\n

Sir Jon Cunliffe, a deputy governor of the Bank of England, told the Today programme that the Bank would do \u201cwhatever is necessary\u201d to make sure the soaring cost of living did not become a long term problem.<\/p>\n\n\n\n

He said the Bank was predicting the UK economy would not grow over the next year or so, and he repeated Bank warnings to businesses about allowing wages to \u201cspiral\u201d to help people cope with rising prices.<\/p>\n\n\n\n

\u201cIt\u2019s our job to make sure that as this inflationary shock passes through the economy, at a time when we also have a tight labour market, we don\u2019t find that the combination of a strong shock from abroad in energy prices combines with domestic factors, and leaves us with inflation being the new normal,\u201d he said.<\/p>\n\n\n\n

\u201cPeople can have confidence that we will act to make that doesn\u2019t happen.\u201d<\/p>\n\n\n\n

SEND A STORY:<\/strong>\u00a0Do you have a story for us or need a promotion\/advertisement? Submit them via our email\u00a0dannyboy744@gmail.com<\/a>\u00a0and via on +233 266777777<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The pound has fallen to a two-year low against the dollar reflecting traders\u2019 increasing concerns about recession around the world as energy prices continue to soar. But sterling is also weak because markets are worried about future UK economic growth, analysts said. 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