×
2 434
Fashion Jobs
PRETTYLITTLETHING
Cyber Security Analyst
Permanent · MANCHESTER
PRETTYLITTLETHING
Buyer
Permanent · MANCHESTER
AESOP
Retail Consultant | Fixed-Term | Part-Time | Brighton
Permanent · Brighton
PRETTYLITTLETHING
Senior Affiliate Marketing Executive
Permanent · MANCHESTER
BOOHOO
Ecommerce Trading Executive
Permanent · MANCHESTER
ESTEE LAUDER
Clinique - Consultant - Brown Thomas, Dublin - 15 Hours - Part-Time, Permanent
Permanent · Dublin
SHISEIDO
Nars Account Manager - Harvey Nichols London (37.5 Hours)
Permanent · London
ESTEE LAUDER
Clinique - Consultant - m&s Newcastle - 15 Hours - Part Time, Permanent
Permanent · Newcastle upon Tyne
ESTEE LAUDER
jo Malone London - Marketing And Consumer Engagement Director
Permanent · London
AESOP
Retail Consultant | Part-Time, Permanent | Aesop Selfridges Exchange Square, Manchester
Permanent · Central
BOOHOO
Print Sales Account Manager
Permanent · MANCHESTER
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTEE LAUDER
Mac Cosmetics - Business Manager - Mac Stratford2, London - 37.5 Hours / Week - Full Time, Permanent
Permanent · London
HARRODS
Brand Manager
Permanent · LAKESIDE
HARRODS
Uniformed Security Officer
Permanent · LONDON
VF INTERNATIONAL
Senior Distribution Systems Specialist
Permanent · COALVILLE
ESTEE LAUDER
Bobbi Brown, la Mer And Darphin - CRM & Insights Assistant
Permanent · London
HARRODS
Food Supply Manager
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner
Permanent · CAMBRIDGE
HEAD OFFICE
Cyber Security Lead – Incident Response
Permanent · BRACKNELL
HEAD OFFICE
Delivery & Operations Manager
Permanent · BRACKNELL
BOOHOO GROUP
Product Manager
Permanent · MANCHESTER
By
Reuters API
Published
Dec 13, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Pound weakens after Britain warns of Omicron "tidal wave"

By
Reuters API
Published
Dec 13, 2021

Sterling traded lower on Monday after British Prime Minister Boris Johnson warned of a "tidal wave" of the Omicron coronavirus variant and investors took the view the Bank of England would keep interest rates on hold given the uncertainty.



BoE policy makers meet on Thursday to decide whether to tighten monetary policy to keep inflation in check but the resurgent COVID-19 pandemic has prompted traders to price in a status quo rather than a rise in interest rates.

"Markets do not expect the Bank of England to move given the economic uncertainties created by omicron", UBS Global Wealth Management Chief Economist Paul Donovan wrote in a note.

Health Secretary Sajid Javid said the Omicron variant was spreading at a "phenomenal rate", accounting for about 40% of infections in London, and urged people to get a vaccine booster shot.

The government wants to offer all adults a booster by New Year, an ambitious target because the Christmas holiday is approaching and vaccinating 1 million people per day is around double the current rate of 530,000 per day.

The pound fell 0.26% to $1.3225.

The British currency was up 0.23% at 85.09 pence against the euro which is widely considered vulnerable to a U.S. rate hike with the Federal Reserve set to tighten policy more quickly than the dovish European Central Bank.

Pressure on the pound is also due to political risk.

Johnson faces a rebellion in his Conservative Party over measures to curb the spread of the Omicron variant and an outcry over alleged parties at his Downing Street office during last year's lockdowns.

"Sterling has come under a little more pressure over the last week on the back of Omicron restrictions, some softer activity data in October and perhaps some political risk premium going into the pound as the press sink their teeth into the government", ING analysts wrote.

Since the first Omicron cases in the United Kingdom were detected on Nov. 27, scientists have lifted the COVID-19 alert level to four on a five-point scale and Johnson has imposed tougher restrictions.

The Omicron variant, reported in more than 60 countries, poses a "very high" global risk, with some evidence that it evades vaccine protection, the World Health Organization says.
 

© Thomson Reuters 2022 All rights reserved.

Tags :
Retail