Pound Sterling (GBP) Exchange Rate Fluctuates on Upbeat Retail Sales Figures
The Pound Sterling (GBP) exchange rate initially raced higher against its peers at the start of Thursday’s session thanks to some faster-than-expected growth in domestic retail sales.
The ONS reported that UK sales growth expanded at 1.3% in May, and while this was down from 1.8% in April is still easily beat forecasts of a slide to 0.5%.
However the Pound failed to secure these gains, falling back by the afternoon as a second reading of the retail figures indicated they were likely bloated by temporary factors, like the royal wedding.
GBP/EUR Exchange Rate Punches Higher Despite the ECB Signalling the End to its QE Programme
The Pound Euro (GBP/EUR) exchange rate skyrocketed on Thursday, as the single currency was met by a heavy sell-off in the wake of the European Central Bank’s (ECB) latest policy meeting.
This was despite the ECB announcing it would wind down its stimulus programme by the end of 2018, an event which many analysts had predicted would be supportive of the Euro.
Observers pointed to dovish comments from ECB President, Mario Draghi, regarding the risks facing the Eurozone as well a communique from the bank signalling that interest rates would remain on hold until at least the second half of 2019.
GBP/USD Exchange Rate Plummets as US Retail Sales Impress
The UK wasn’t the only country to publish some impressive retail data on Thursday, with the Pound US Dollar (GBP/USD) exchange rate nosediving yesterday after following some solid US sales figures.
Thursday’s report revealed US retail sales growth surged 0.8% in May, easily outpacing market forecasts, while April’s figures were revised up from 0.2% to 0.4%.
This was the largest gain in six months and was seen as a strong indicator of accelerating economic growth in the second quarter.
GBP/CAD Exchange Rate Slips as Oil Prices Rise
The Pound Canadian Dollar (GBP/CAD) exchange rate also stumbled on Thursday, with the pairing’s early gains being reversed as the ‘Loonie’ was buoyed by an upswing in crude prices.
GBP/AUD Exchange Rate Advances as Australian Labour Report Disappoints
The Pound Australian Dollar (GBP/AUD) exchange rate surged higher on Thursday, as the ‘Aussie’ was hit by the combination of some mixed domestic employment figures as well as renewed demand for the US Dollar (USD).
GBP/NZD Exchange Rate Met by Volatility as Risk Appetite Fluctuates
The Pound New Zealand Dollar (GBP/NZD) exchange rate traded in a wide range on Thursday with the mix of the UK’s latest retail figures and fluctuating risk sentiment prompting significant swings in the pairing.