Sterling continued to rally on Tuesday after bouncing back to levels before the UK Chancellor Kwasi Kwarteng’s mini-budget announcement. It was last trading at $1.1363, more than 10 percent up since the mini-budget. The dollar slid against a basket of major currencies, as the euro and the pound made upward headway and Treasury yields slipped in light…
British Pound Falls Against the Dollar for the First Time Since March 2020 Due to Economic Slowdown
June 15, 2022
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The British pound dropped on June 15 to its lowest level against the U.S. dollar since March 2020. The plunge reflects concern about the widening gulf between interest rate policies at the Bank of England (BOE) and the Federal Reserve. The European Central Bank also made a surprising move, with the announcement that it will…
EU Fines HSBC, Credit Suisse, Others Over ‘Sterling Lads’ Forex Cartel
BRUSSELS—EU antitrust regulators on Thursday fined Barclays, Credit Suisse, HSBC, and NatWest 344 million euros ($390 million) for foreign exchange market rigging, closing a key chapter in a high-profile investigation. UBS avoided a 94 million euro fine by alerting the European Commission to the cartel, which was set up via a chatroom known as “Sterling…
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