Pound Sterling (GBP) Exchange Rate Bolstered by Upbeat Retail Sales Figures
The Pound Sterling (GBP) exchange rate rallied on Thursday as markets reacted to the release of the UK’s latest retail sales figures.
Data published by the ONS revealed domestic sales growth surged from -1.1% to 1.6% in April, easily outpacing forecasts of a more modest rebound to 0.7%, offering the beleaguered Pound some much need respite.
GBP/EUR Exchange Rate Flat Following China’s Vote of Confidence in the Euro
The Pound Euro (GBP/EUR) exchange rate traded in a narrow range during yesterday’s session as the single currency was buoyed by comments from China’s State Premier, Li Keqiang.
Li Keqiang endorsed the currency at a press conference with German Chancellor Angela Merkel as he reaffirmed the Euro’s (EUR) importance to China’s foreign reserves and its commitment to continue buying European debt.
Preventing the EUR exchange rate from advancing however were the minutes from the most recent European Central Bank (ECB) meeting, in which the bank warned that further moderation in Eurozone growth is possible.
GBP/USD Exchange Rate Strengthened by US Housing Data, Cancellation of North Korea Summit
The Pound US Dollar (GBP/USD) exchange rate ticked higher on Thursday, rising nearly half a cent in the wake of some disappointing US housing figures.
Yesterday’s data revealed US existing houses sales fell faster than expected in April, mirroring the fall in new homes sales over the same period, with analysts concerned that rising interest rates may leave sales to wallow for the foreseeable future.
Also denting the appeal of the US Dollar (USD) yesterday was the announcement that US President Donald Trump was pulling out of a planned summit with North Korea, with markets fearing this could see a reescalation in tensions.
GBP/CAD Exchange Rate Surges on Reports OPEC May Ramp Up Oil Production Once Again
The Pound Canadian Dollar (GBP/CAD) exchange rate rose by over a cent on Thursday as the ‘Loonie’ (CAD) was pressured by a substantial fall in oil prices.
This drop came amid rising speculation that OPEC may look to lift its crude production restrictions as global supplies dwindle and concerns rise over supplies from Venezuela and Iran.
GBP/AUD Exchange Rate Retreats as Iron Ore Prices Surge
After initially rising on Thursday the Pound Australian Dollar (GBP/AUD) exchange rate was quickly forced to fall back, leaving the pairing close to a two-month low as the ‘Aussie’ (AUD) was bolstered by a sharp upswing in iron ore prices.
GBP/NZD Exchange Rate Stalls as ‘Kiwi’ Bolstered by USD Weakness
The Pound New Zealand Dollar (GBP/NZD) exchange rate’s gains also proved to be short lived yesterday, with the ‘Kiwi’ (NZD) creeping back up by the end of the session following some modest losses in the US Dollar (USD).