Pound Sterling (GBP) Exchange Rate Outlook Dims in Face of Growing Brexit Uncertainty
The Pound (GBP) remained on the defensive against the majority of its peers yesterday, with support for the currency quickly evaporating as Brexit uncertainty continued to drag on investor sentiment.
This weakness in Sterling came despite data reporting that UK retail activity shot up in June as the warm weather and world cup helped to drive consumers to spend more.
GBP/EUR Exchange Rate Flat as French Consumer Confidence Dips
The Pound Euro (GBP/EUR) exchange rate traded in a narrow range on Wednesday, with an unexpected slide in French consumer confidence weakening the appeal of the Euro.
The single currency’s gains were further clipped by fears of a political schism in Germany’s ruling coalition as well as uncertainty ahead of this week’s EU summit.
Meanwhile today’s session may see the Euro begin to tick higher, with a robust inflation reading from Germany possibly lending some support to the single currency.
GBP/USD Exchange Rate Extends Losses as Trade Concerns Continue to Dominate
The Pound US Dollar (GBP/USD) exchange rate continued to retreat yesterday, extending Tuesday’s losses as the ‘Greenback’ continued to benefit from safe-haven demand, driven by fears of a potential trade war breaking out between the US and China.
Also aiding the US Dollar’s advance on Wednesday was the publication of the latest figures for US durable goods orders, with a smaller-than-expected contraction in May and an upward revision to April’s figures being welcomed by USD investors.
GBP/CAD Exchange Rate Slides as Surging Oil Prices Buoys ‘Loonie’
The Pound Canadian Dollar (GBP/CAD) exchange rate fell back by around a cent on Wednesday, with the crude-correlated ‘Loonie’ enjoying some solid gains on the back of surging oil prices as WTI crude jumped around 2% to reach $72.50 a barrel following a sharp drop in US stockpiles.
GBP/AUD Exchange Rate Hit by Volatility as Trade Uncertainty Grips Markets
The Pound Australian Dollar (GBP/AUD) exchange rate fluctuated yesterday, with confusion over the White House’s trade stance leaving the high-yield ‘Aussie’ on shaky ground.
GBP/NZD Exchange Rate Fluctuates as RBNZ Remains Open to Rate Cuts
The Pound New Zealand Dollar (GBP/NZD) exchange rate traded in a wide range on Wednesday with the pairing sliding through much of the European session before rebounding later in the evening following the Reserve Bank of New Zealand’s (RBNZ) latest rate decision.
This saw the ‘Kiwi’ tumble as the bank left rates on hold for the 20th consecutive month in June, with the RBNZ also hinting that it would be willing to move rates in either direction ‘as necessary’.