Pound Sterling (GBP) Exchange Rate Flying High Following BoE Meeting
Pound (GBP) exchange rates shot up across the board on Thursday, with Sterling hawks out in force following the Bank of England’s (BoE) June policy meeting.
While the BoE didn’t deliver any policy changes this month, a 6-3 split in the bank’s Monetary Policy Committee (MPC) caused a marked rise in Sterling sentiment.
Markets interpreted the more hawkish turn by the MPC as a signal that an August rate hike is definitely on the table, with odds of a summer hike quickly climbing above 60%.
GBP/EUR Exchange Rate Strengthens as Eurozone Consumer Pessimism Grows
The Pound Euro (GBP/EUR) exchange rate jumped by over 0.5% on Thursday, with a sharp downturn in consumer confidence in the Eurozone in June dragging on the single currency.
However it’s today’s PMI figures that are likely to be the key source of movement in the Euro (EUR) this week, with the single currency expected to plummet if growth in the Eurozone’s private sector is shown to have slowed again in June.
GBP/USD Exchange Rate Rallies from 2018 Low, Philly Fed Index Plummets
The Pound US Dollar (GBP/USD) exchange rate rallied from a 2018 low yesterday, with the pairing able to recoup much of the week’s losses in the wake of the BoE policy meeting.
Meanwhile the release of the Philadelphia Fed Manufacturing Index also contributed to the dip in the US Dollar (USD) on Thursday as it struck its lowest levels since late 2016.
GBP/CAD Exchange Rate Soars as Oil Prices Retreat
The Pound Canadian Dollar (GBP/CAD) exchange rate struck close to a new-two month high on Thursday, with the ‘Loonie’ offering little resistance against Sterling’s advances as it was undermined by a 2% fall in crude prices.
GBP/AUD Exchange Rate Surges as Commodity Prices Slide
The Pound Australian Dollar (GBP/AUD) exchange rate jumped by over a cent during Thursday’s session, with Sterling able to press its advantage as the ‘Aussie’ felt the pressure from a broad fall in commodity prices.
GBP/NZD Exchange Rate Ticks Higher as Slowing Domestic Grow Rattles the ‘Kiwi’
The Pound New Zealand Dollar (GBP/NZD) exchange rate continued to accelerate throughout Thursday’s session, with Sterling well positioned to exploit the weakness in the ‘Kiwi’ following a slowdown in New Zealand’s first quarter GDP figures.