Sterling fell on Monday to its lowest since September 2020 against a strengthening dollar and edged lower versus the euro, while money markets scaled back their bets on future monetary policy tightening from the Bank of England.
The dollar climbed to a two-year high versus its rivals and was on track for its single biggest daily gain in more than six weeks as a wave of risk aversion swept through global markets, boosting the greenback’s safe haven appeal.
Money markets are pricing about 150 basis points (bps) of BoE rate hikes by the year-end, including more than 25 bps from next week’s policy meeting, from 160 bps on Friday.
BoE seemed mainly worried about risks of a possible recession and a slowdown in the labour market, analysts said after comments from BoE governor Andrew Bailey last Thursday.
Optimism among British manufacturers has fallen at its fastest pace since the onset of the coronavirus crisis more than two years ago, as orders slowed and prices leapt, a survey showed, adding to signs of a slowdown in the economy.
“While dovish comments from the BoE continue to weigh, today’s moves are mainly about a risk-off environment that is boosting the safe-haven assets at the expense of higher-risk currencies,” Matthew Ryan, senior market analyst at Ebury, said.
“Markets appear concerned about new lockdowns in China, Fed monetary tightening and their impact on the economy.”
The pound fell 0.9 per cent to its lowest since September 2020 of $1.2718, after setting on Friday the biggest daily drop since September 2020.
“Risks of a dovish repricing in the BoE rate expectations and potentially some re-emergence of negative Brexit-related headlines continue to pose downside risks to the pound in the coming weeks, and a test of the 1.2500 support cannot be excluded,” ING analysts said in a research note.
Britain does not rule out taking further steps to address problems in Northern Ireland caused by post-Brexit arrangements, Prime Minister Boris Johnson said last Friday.
The pound fell 0.2 per cent versus the euro at 84.31 pence, after hitting its lowest since April 1 at 84.37.
Analysts mentioned concerns about risks of a possible political crisis as UK politicians launched a partygate investigation into whether Boris Johnson had misled Parliament over Downing Street gatherings during pandemic lockdowns.
Heather, the Totality
Matthew Weiner,
Canongate
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
COMPANY%20PROFILE
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies - The total annual economic cost of cancer is $1.16 trillion
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
RACE CARD
6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m
7.05pm: Handicap (TB) $65,000 (Turf) 1,800m
7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m
8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m
8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m
9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m
Our Time Has Come
Alyssa Ayres, Oxford University Press
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Read more about the coronavirus
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
While you're here
The National editorial: Turkey's soft power weighs heavy on Europe's Muslims
Con Coughlin: How extremists use Zoom and other tools to exploit pandemic
Nicky Harley: Peace TV preacher Zakir Naik prompts UK hate laws review
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20profile
more from Janine di Giovanni
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
While you're here
Gavin Esler: Coronavirus offers stinging rebuke to protectionists
Kareem Shaheen: Pandemics can save us from waging wars
Sholto Byrnes: Why the climate change clash will get nastier
RESULTS
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Long read
Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response
57%20Seconds
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
More on animal trafficking
RESULTS
Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
On racial profiling at airports
Razmig Bedirian: Author subject to three pat downs in one week
HA Hellyer: My airport experience shows racism is systemic
James Zogby: Racial profiling as ineffective as torture tactics
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
