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Pound plumbs 14-month low, rattled by gilt market rout - REUTERS

JANUARY 10, 2025

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Summary

  • UK government bond yields highest in 16 years
  • Higher yields add to worries over UK government finances
  • Finance ministry says it has 'iron grip' on public purse

LONDON, Jan 9 (Reuters) - The pound hit its lowest since late 2023 on Thursday, under pressure from a selloff in global bonds that has driven the UK government's borrowing costs to their highest in over 16 years, which has reignited concern about Britain's finances.

Sterling was last down 0.5% at $1.2305, having fallen by as much as 1.6% earlier to its lowest since November 2023, while the cost of hedging against bigger price swings over the coming month jumped to its highest since the March 2023 banking crisis .

MARKET NEWS

January 23 ‘Trump Policies May Weaken Naira, Worsen Nigeria’s Debt Servicing Costs’ - INDEPENDENT January 23 Cardoso Outlines Plan to Curb Naira Commoditisation - THISDAY January 23 Nigeria’s debt stock surges to N142trn on weak naira - BUSINESSDAY January 23 CBN okays release of FX code - DAILY POST January 23 Canadian dollar falls as investors eye wider interest rate gap - REUTERS January 23 Currencies: $ slightly firmer, Yen down sharply - CERCLE FINANCE January 22 Inflation: Pessimistic forecasts cloud Nigeria’s growth amid structural, monetary hur... (read more) January 22 Sterling hits two-week high against dollar amid tariff uncertainty - REUTERS January 22 Nigeria’s GDP grew more than 3% for 3 successive quarters – Bagudu - BUSINESSDAY January 22 Swiss National Bank can cut rates further or go negative, chairman says - REUTERS January 22 FG approves licence for 10,000 barrels per day refinery - DAILY TRUST January 22 Nigeria’s economy on recovery path -Edun - THE SUN January 22 Reforms, fiscal gains signal Nigeria’s economic recovery — Edun - NIGERIAN TRIBUNE January 22 Nigeria to generate over $2bn by 2030 through carbon market initiative - THE CABLE January 22 64.8m Nigerians enroll for BVN, says NIBSS - THE NATION January 22 ECB policymakers line up behind rate cuts - REUTERS January 22 Japa: Our hospitals will be empty in two years, CMDs tell Reps - DAILY TRUST January 22 Ugandan shilling weakens on FX demand by fuel importers, manufacturers - REUTERS January 22 NFIU seeks support to end financial crimes in Nigeria - THE GUARDIAN January 22 Portugal to import more US, Nigerian LNG, aims to end Russian supply - REUTERS January 22 FG defends tariff hike amid legal threats from SERAP, subscribers - PUNCH January 22 ECB to Near Inflation Target by Middle of Year, Nagel Says - BLOOMBERG January 22 Inflation ticks lower to 1.8% in December, thanks in part to GST tax break - BLOOMBERG January 22 Nigeria’s Path to Economic Resilience: The Case for Currency Swap Agreements - THISDAY January 22 Rupee ends higher on broad based dollar sales, uptick in Asian peers - REUTERS January 22 Naira stability lessened imported inflation to a 5-year low – Report - THE SUN January 22 Naira Falls To N1,675/$1 In Parallel Market As Reserves Deplete - LEADERSHIP January 22 CBN vows to tackle buying, selling of Naira notes - VANGUARD January 22 Kenyan shilling marginally stronger against dollar, LSEG data shows - REUTERS January 22 AI mania takes over Davos as the world’s biggest firms tout their offerings - CNBC

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