Pound Sterling (GBP) Exchange Rates Weakened by Renewed Brexit Uncertainty
The Pound Sterling (GBP) exchange rate was forced to walk back some of Tuesday’s gains during yesterday’s session as the currency was undermined by renewed Brexit fears.
Markets are becoming increasingly concerned that the UK government has still not published its white paper detailing its plans for Brexit, which has left a cloud of uncertainty hanging over the Pound.
GBP/EUR Exchange Rate Slides Following Hints ECB is Close to Winding down its Stimulus Programme
The Pound Euro (GBP/EUR) exchange rate fell back on Wednesday, mostly driven by comments from European Central Bank (ECB) chief economist Peter Praet.
Speaking in Berlin, Praet hinted that the ECB may be close to unwinding its bond purchases, with the bank expected to discuss its position at the policy meeting next week.
Meanwhile the Euro (EUR) may struggle to repeat this performance later today as the Eurozone’s latest GDP estimate is expected to confirm the slowdown in the bloc’s economy at the start of 2018.
GBP/USD Exchange Rate Rises Despite Upbeat US Trade Figures
The Pound US Dollar (GBP/USD) exchange rate accelerated to a new two-week high on Wednesday – the only major GBP pairing to find any gains yesterday.
A number of analysts suggest the downturn in the US Dollar is due to the currency peaking last month, with the majority of investors already positioned ahead of a suspected rate hike from the Federal Reserve Next week
This decline in USD also came despite the publication of some stronger-than-expected US trade figures, with the US trade deficit unexpectedly narrowing from $47.2bn to $46.2bn.
GBP/CAD Exchange Rate Tumbles as Canadian Trade Figures Impress
The Pound Canadian Dollar (GBP/CAD) exchange rate slumped by around a cent on Wednesday, with the Canadian Dollar (CAD) strengthening as the domestic trade deficit narrowed faster than expected.
The Canadian trade deficit narrowed from CA$3.9bn CA$1.9bn in April, beating forecasts of a modest decline to CA$3.4bn as Canadian exports rose by 1.6% to a new record high of CA$48.6bn.
GBP/AUD Exchange Rate Rebounds as Australia’s Trade Balance Narrows
After trending lower during the European session on Wednesday, the Pound Australian Dollar (GBP/AUD) exchange rate rallied overnight as Australia’s latest trade figures revealed a sharp downturn in domestic exports.
GBP/NZD Exchange Rate Steadies as Risk Appetite Retreats
The Pound New Zealand Dollar (GBP/NZD) exchange rate held steady during the Asian trading session last night, with diminishing market risk appetite prompting the ‘Kiwi’ to relinquish Wednesday’s gains.