pound

It's Time for a New Reserve Currency: Meet the Mondo

For a host of reasons, other countries would love to free their economies from the stranglehold of the U.S. dollar's influence, especially now, when the Fed's stimulus actions are pushing the dollar lower, and everything else higher. Global finance expert Peter Cohan has a simple answer: The Mondo.

Moodys: U.K. Credit Rating Is Safe

The U.K.'s triple-A credit rating is safe, thanks to the government's austerity measures and a flexible economy, rating agency Moody%u2019s said.

British Economy Grew More Than Estimated in Second Quarter

The British economy grew more than previously thought in the second quarter, boosted by a strong showing in the construction sector. The UK economy grew 1.2% from April through June, the fastest quarterly expansion in more than nine years, the country%u2019s Office for National Statistics said. The previous estimate was growth of 1.1%.

Bank of England Lowers Forecast for UK Economic Growth

Bank of England Governor Mervyn King said that the U.K. economy will grow slower than previously forecast. King said that growth may peak at 3% annual pace, rather than the 3.6% rate forecast in May, according to Bloomberg News. Inflation will also be lower than expected, hitting 1.5% in two years, rather than the expected 2%.

S&P Keeps U.K. Sovereign Debt Rating at AAA

Standard & Poor's Ratings Services affirmed Engand's sovereign credit ratings Monday, but said its outlook remains negative. The pound sterling slipped against the dollar on the news, as S&P's outlook has been negative since May 2009.