Pound Sterling (GBP) Exchange Rate
The Pound Sterling (GBP) exchange rate rallied yesterday morning, advancing against the majority of its peers following a sharper-than-expected rise in domestic industrial orders in June.
Also buoying Sterling yesterday was the passing of the government’s EU withdrawal bill, with markets optimistic that this will lead to more clarity over the Brexit process.
Looking ahead the focus for GBP investors is likely to swiftly turn to the Bank of England (BoE) as it concludes its latest policy meeting this afternoon.
Should the BoE hint that it remains open to the possibility of a rate hike later in the year this could see the Pound exchange rate surge.
GBP/EUR Exchange Rate Strengthens as Markets Wary over Eurozone Reforms
The Pound Euro (GBP/EUR) exchange rate ticked up on Wednesday, recouping some of the losses suffered earlier in the week as markets reacted warily to the news that the Eurozone was one step closer to agreeing a budget for the bloc.
While it is hoped the budget will help shore up the Eurozone, a number of lawmakers in Germany’s conservative coalition government party have expressed concerns over the proposals, prompting more fears over the stability of the German government.
GBP/USD Exchange Rate Stabilises as US House Sales Come up Short
After briefly striking a new seven-month low on Wednesday, the Pound US Dollar (GBP/USD) exchange rate appeared to finally find its feet.
This was partly down to the latest US housing figures, with existing house sales unexpectedly sliding in May for the second month in a row.
However the US Dollar (USD) was still prevented from suffering any notable losses as it continued to find support from safe-haven demand amidst ongoing trade tensions between the US and China.
GBP/CAD Exchange Rate Steady as Oil Prices Tick Higher
The Pound Canadian Dollar (GBP/CAD) exchange rate stabilised on Wednesday amid a strong upswing in oil prices, helping to offset growing concerns regarding global trade tensions.
The uptick in oil came in advance of an OPEC meeting later in the week, with Brent crude rising over 0.5% to $75.44 a barrel.
GBP/AUD Exchange Rate Jumps Following Dovish Comments from Lowe
After initially sliding on Wednesday morning, the Pound Australian Dollar (GBP/AUD) exchange rate was able to close yesterday’s session around a cent higher, following a speech by Reserve Bank of Australia (RBA) Governor, Phillip Lowe, in which he suggested the bank was still some way off its next rate hike.
GBP/NZD Exchange Rate Rises as New Zealand’s GDP Slows
The Pound New Zealand Dollar (GBP/NZD) exchange rate rocketed up by over two cents during yesterday’s session, with the pairing striking a new three-week high as New Zealand’s first quarter GDP was revealed to have slowed from 0.6% to 0.5%, as expected.