Pound Sterling (GBP) Exchange Rates Subdued as New MPC Member Seen as Dovish
The Pound (GBP) struggled to find a foothold on Tuesday, with markets shying away from the currency as they assessed the new member of the Bank of England’s (BoE) Monetary Policy Committee (MPC).
Jonathan Haskel, who will join the MPC in September, was quizzed yesterday by MPs regarding his appointment and his outlook for the economy. Observers suggested his comments indicated that he may be more dovish than his predecessor, Ian McCafferty.
GBP/EUR Exchange Rate Holds Steady, Political Risks in Germany Eyed
The Pound Euro (GBP/EUR) exchange rate traded in a narrow range yesterday, with a lull in notable data leaving the Euro largely directionless.
Instead EUR investors were left to keep an eye on events in Germany as Chancellor Angela Merkel struggled to deal with the ongoing migrant dispute in the EU, leaving markets to become increasingly skittish regarding the fragmented political situation in the Eurozone.
GBP/USD Exchange Rate Drops as USD Demand Bolstered by Trade Tensions
The Pound US Dollar (GBP/USD) exchange rate was sent lower on Tuesday, tumbling by around half a cent as escalating trade tensions drove markets towards USD.
Observers are increasingly fearful of US trade protectionism spilling over into a global trade war, causing investors to flock to the US currency on hopes that it will hold its value.
However the US Dollar may be forced to unwind some of these gains towards the end of today’s session, with analysts forecasting today’s data will reveal US durable goods contracted again in May.
GBP/CAD Exchange Rate Slides as Oil Prices Rally
The Pound Canadian Dollar (GBP/CAD) exchange rate fell back during yesterday’s session, relinquishing most of the gains made on Monday as the ‘Loonie’ was bolstered by an upswing in oil prices.
GBP/AUD Exchange Rate Mixed as Rising Commodity Prices Offset Trade Concerns
The Pound Australian Dollar (GBP/AUD) exchange rate fluctuated on Tuesday, with a strong upswing in commodity prices helping to prevent the ‘Aussie’ from slumping in the face of growing trade war fears.
GBP/NZD Exchange Rate Surges as ‘Kiwi’ Pressured by Weak Business Confidence
The Pound New Zealand Dollar (GBP/NZD) exchange rate shot up during the overnight session on Tuesday, with a disappointing business confidence survey from New Zealand weighing on the ‘Kiwi’ ahead of this evening’s Reserve Bank of New Zealand (RBNZ) policy meeting.