Pound Sterling (GBP) Exchange Rate Advances as UK Markets Reopen
The Pound (GBP) exchange rate ticked higher against the majority of its peers on Tuesday, with the return of UK traders following the long bank holiday weekend helping to bolster trade volumes, helping Sterling consolidate Monday’s gains.
However the Pound faces some hurdles, most notably the release of the UK’s latest housing data, which revealed house prices slumped by 3.1% in April, the fastest monthly fall in almost a decade.
GBP/EUR Exchange Rate Stabilises as German Industrial Production Rebounds
The Pound Euro (GBP/EUR) exchange rate was prevented from building on its recent gains yesterday as Monday’s weak Eurozone data was offset by the latest German production figures.
Data revealed Germany’s industrial output improved by 1% in March after previously suffering a 1.7% fall.
While the figures came as a relief to EUR investors they were not enough to boost hopes that the European Central Bank (ECB) could be persuaded into raising interest rates anytime in the foreseeable future.
GBP/USD Exchange Rate Plummets on Rising Fed Rate Expectations
The Pound US Dollar (GBP/USD) exchange rate continued to trend lower on Tuesday as US Dollar (USD) was propelled higher by remarks from Federal Reserve Chair, Jerome Powell hinting at further monetary tightening from the US central bank.
Further lifting the USD exchange rate was the publication of the latest US job opening figures as the number of openings surged to an all-time high of 6.5m.
GBP/CAD Exchange Rate Volatile as Trump Walks Away from Iran Deal
The Pound Canadian Dollar (GBP/CAD) exchange rate fluctuated overnight on Tuesday as oil markets were unsettled by US President Donald Trump’s decision to pull the US out of the Iran nuclear deal, raising concerns about how this could impact global oil supplies.
GBP/AUD Exchange Rate Surges amid Broad-Based Selloff of Commodity Currencies
The Pound Australian Dollar (GBP/AUD) exchange rate climbed over a cent yesterday as the ‘Aussie’ (AUD) was shunned by investors as markets rushed towards safe-haven assets due to a rise in geopolitical tensions.
GBP/NZD Exchange Rate Bolstered by Dip in Risk Appetite
The Pound New Zealand Dollar (GBP/NZD) exchange rate ticked higher during Tuesday’s session as the ‘Kiwi’ faced considerable pressure in the face of the US Dollar’s broad rally.
Looking ahead the New Zealand Dollar (NZD) may be poised for further losses later this evening as the Reserve Bank of New Zealand’s (RBNZ) latest policy meeting is forecast to result in the bank leaving its neutral bias on hold for the foreseeable future.