Pound Sterling (GBP) Exchange Rate Rises despite Underwhelming Retail Figures
The Pound (GBP) pushed higher against the majority of its peers yesterday as markets appeared to be largely nonplussed by some poorer-than-expected retail figures.
However things are looking decidedly gloomier for Sterling today as the UK’s latest GDP figures are forecast to show that domestic growth slowed from 0.4% to 0.3% in the first quarter.
GBP/EUR Exchange Rate Jumps in Wake of ECB Meeting
The Pound Euro (GBP/EUR) exchange rate struck higher on Thursday following the European Central Bank’s (ECB) decision to leave interest rates on hold again this month.
This uptick in GBP/EUR came despite the ECB President Mario Draghi appearing relatively confident in his outlook for the Eurozone as he played down concerns over recent economic data.
The Euro may be in a position to recoup its losses during Friday’s session however, with a strong labour report from Germany likely to prompt the single currency to rally.
GBP/USD Exchange Rate Muted as US Durable Goods Orders Beats Expectations
The Pound US Dollar (GBP/USD) exchange rate’s run of losses appeared to have come to an end yesterday as the recent rise in US Treasury yields appeared to run out of steam.
However Sterling’s attempts to take advantage of this were cut short as the latest US durable goods order figures printed more robustly than expected, with order growth only falling to 2.6% rather than the 1.1% than had been forecast.
Meanwhile the US will publish its own GDP figures later today, with the US Dollar also likely to slide lower if it prints in line with expectations.
GBP/CAD Exchange Rate Ticks up on Reports of NAFTA Tensions
The Pound Canadian Dollar (GBP/CAD) exchange rate also struck higher on Thursday as reports of tensions between the US and Canada in NAFTA talks caused many investors to shy away from the ‘Loonie’ partly due to fears that this may frustrate the Bank of Canada’s (BoC) plans to continue raising interest rates this year.
GBP/AUD Exchange Rate Strengthens as Iron Ore Prices Tumble
The Pound Australian Dollar (GBP/AUD) exchange rate struck a one-month high yesterday as another fall in iron ore prices added to the pressure facing the ‘Aussie’ due to the strength of the US Dollar as growing market risk aversion.
GBP/NZD Exchange Rate Advances as Risk Appetite Remains Weak
The Pound New Zealand Dollar (GBP/NZD) exchange rate continued its unrelenting March higher yesterday, closing in on a five month high as the ‘Kiwi’ continues to lose out in the face of falling risk appetite.