Pound Sterling (GBP) Exchange Rate Weakened by UK GDP Figures
The Pound Sterling (GBP) exchange rate closed out last week’s session on the defensive once again as the UK’s latest GDP estimate confirmed growth slumped to a five-year low in the first quarter of 2018.
Adding to the Pound’s woes were the accompanying business investment figures, with GBP investors left disappointed as investment unexpectedly contracted 0.2% at the start of the year.
GBP/EUR Exchange Rate Stable as Spanish PM Faces Possible No Confidence Vote
The Pound Euro (GBP/EUR) exchange rate was prevented from sliding late last week as markets were spooked by growing political tensions in the Eurozone.
Adding to the recent concerns over Italy’s new government were reports that 29 members of Spain’s ruling Popular Party were arrested in a massive corruption scandal, leading opponents of Prime Minister, Mariano Rajoy to call for a no-confidence vote.
GBP/USD Exchange Rate Tumbles on Easing North Korean Tensions
The Pound US Dollar (GBP/USD) exchange rate fell back again on Friday, as Pyongyang’s measured response to the cancelation of a US-North Korean summit helped to ease geopolitical tensions.
However slightly denting the US Dollar’s (USD) gains on Friday was the release of the latest US durable goods order figures, with order growth being shown to have contracted sharply from 2.7% to -1.7% in April.
GBP/CAD Exchange Rate Jumps as Oil Prices Tumble
The Pound Canadian Dollar (GBP/CAD) exchange rate rallied at the very end of last week’s session as the appeal of the ‘Loonie’ was clipped by a sharp downturn in oil prices.
The Brent crude benchmark fell over $3.50 to $75.52 a barrel on Friday as Saudi Arabia and Russia announced their intention to ease the supply curbs imposed by OPEC over the last 17 months.
GBP/AUD Exchange Rate Slumps as Iron Ore Prices Rebound
The Pound Australian Dollar (GBP/AUD) exchange rate struck a new two-month low on Friday as a 3% rebound in iron ore prices helped to bolster the appeal of the commodity driven ‘Aussie’.
GBP/NZD Exchange Rate Poised to Slide on Dovish RBNZ
The Pound New Zealand Dollar (GBP/NZD) exchange rate also edged lower at the end of last week’s session, with the ‘Kiwi’ able to exploit the broad-based weakness of Sterling.
Meanwhile the New Zealand Dollar could find itself tumbling overnight on Tuesday with the publication of the Reserve Bank of New Zealand’s (RBNZ) latest financial stability report, with analysts forecasting the bank will maintain its cautious outlook.