Pound Sterling (GBP) Exchange Rate Muted Ahead of GDP Data
The Pound (GBP) exchange rate remained subdued during Wednesday’s trading session as a lull in domestic data led GBP investors to focus their attention on the UK’s upcoming GDP figures.
Economists expect Friday’s data to reveal UK economic growth slowed to between 0.2% and 0.3% in the first quarter, possibly providing the final nail in the coffin for hopes of a rate hike from the Bank of England (BoE) next month.
GBP/EUR Exchange Rate Steady in Run up to ECB Rate Decision
The Pound Euro (GBP/EUR) exchange rate traded narrowly on Wednesday as investors appeared reluctant to move before the conclusion of of the European Central Bank’s (ECB) latest policy meeting.
The ECB’s rate decision will be a major driver of movement for EUR this afternoon, with the single currency likely to tumble if ECB President, Mario Draghi uses his accompanying statement to decry the strength of the Euro.
GBP/USD Exchange Rate Sinks: US Bond Yields Hold Above 3%
The Pound US Dollar (GBP/USD) exchange rate slumped yesterday as USD continued to be buoyed by rising US treasury yields.
US 10-year government bonds are currently holding above 3%, spurred higher by rising inflation expectations and speculation of a more aggressive Federal Reserve which, combined with easing trade tensions, is helping the US Dollar enjoy a bit of a renaissance.
GBP/CAD Exchange Rate Slides as Poloz Upbeat Regarding Canadian Economy
The Pound Canadian Dollar (GBP/CAD) exchange rate tumbled late on Wednesday following comments by Bank of Canada (BoC) Governor, Stephen Poloz.
In testifying before Parliament Poloz suggested that the economy was ‘finally positive’ thanks to recent adjustments in oil prices, while also stating that the BoC was still committed to raising interest rates, albeit gradually.
GBP/AUD Exchange Rate Strengthens on Thin Trading Volumes
The Pound Australian Dollar (GBP/AUD) exchange rate pushed higher on Wednesday as the closure of Australian markets for Anzac day led to thinned volumes; this in turn compounded the losses the ‘Aussie’ faced due to falling risk appetite.
GBP/NZD Exchange Rate Strikes New Four-Month High
The Pound also strengthened against the New Zealand Dollar (NZD) yesterday as the pairing faced a similar fate to GBP/AUD on Wednesday as domestic markets were also closed to mark Anzac day. The ‘Kiwi’s’ losses allowed the GBP/NZD exchange rate to strike its highest levels since December.