Pound Sterling Exchange Rates Jump amid Rising Geopolitical Tensions
The Pound (GBP) exchange rate accelerated on Wednesday as it seemed largely unfazed by the rise in geopolitical tensions.
However, somewhat denting Sterling’s gains was a gloomy retail report from the British Retail Consortium (BRC) indicating retailers suffered a sharp drop in business in April.
Looking ahead the Bank of England (BoE) will conclude its latest policy meeting this afternoon, and while no policy changes are expected investors will be looking for any signs a rate hike may still be possible in 2018.
GBP/EUR Exchange Rate Lifted by Italy’s Political Uncertainty
The Pound Euro (GBP/EUR) exchange rate ticked higher again on Wednesday as the single currency’s recent woes where compounded by growing political uncertainty in Italy.
This comes as it looks increasingly likely that Italy will return to the polls in the next couple of months in an attempt to solve the current political deadlock, something which may complicate attempts to finalise next year’s budget and lead to a government shutdown in Europe’s most indebted nation.
GBP/USD Exchange Rate Jumps as US Producer Price Growth Slows
The Pound US Dollar (GBP/USD) exchange rate rallied by around half a cent yesterday as the latest US Producer Price Index revealed the pace of wholesale inflation slowed more than expected in April.
The underwhelming figures took some of the wind out of expectations that the US economy is going from strength-to-strength and dampened hopes that today’s CPI figures will deliver on expectations headline inflation will have ticked up last month.
GBP/CAD Exchange Rate Slides as Oil Prices Spike
The Pound Canadian Dollar (GBP/CAD) exchange rate tumbled on Wednesday as US President Donald Trump’s decision to pull the US out of the Iran Nuclear deal and reintroduce sanctions prompted oil prices to soar higher, which in turned helped to bolster the appeal of the crude correlated ‘Loonie’.
GBP/AUD Exchange Rate Tumbles as Rising Crude Prices Boost Risk Appetite
The Pound Australian Dollar (GBP/AUD) exchange rate fell back on Wednesday, as rocketing crude prices helped to improve market risk sentiment, which in turn drove demand for the ‘Aussie’ (AUD).
GBP/NZD Exchange Rate Soars as RBNZ Warns of Possible Rate Cut
The Pound New Zealand Dollar (GBP/NZD) exchange rate accelerated sharply overnight on Wednesday as the Reserve Bank of New Zealand (RBNZ) spooked markets by hinting that its next interest rate move could be a cut.