Pound Exchange Rate Climbs Higher against US Dollar (GBP/USD) as UK GDP Revision Makes Sterling More Attractive
UPDATE 10:20 BST: The Pound Sterling to US Dollar (GBP/USD) exchange rate managed to move away from its recent 8-month lows on Friday, climbing 0.7% in reaction to an upward revision to UK Q1 GDP.
Britain’s economy grew 0.2% quarter-on-quarter in the first three months of 2018 rather than the 0.1% originally estimated.
The news bolstered hopes for a stronger second quarter and helped the Pound climb against the US Dollar, Canadian Dollar and New Zealand Dollar.
Pound Sterling (GBP) Exchange Rate Battered by Brexit Uncertainty
The Pound (GBP) fell sharply against almost all of its major peers on Thursday, with markets becoming increasingly concerned about the lack of progress being made in Brexit negotiations.
This comes as Theresa May attended an EU summit of leaders in Brussels, without so much as a whiff of the UK government’s Brexit whitepaper outlining its blueprint for leaving the EU. This left the summit to focus almost exclusively on the migrant crisis.
The immediate future is looking pretty gloomy for the Pound as well, with today’s final GDP reading forecast to confirm UK growth slowed to just 0.1% in the first quarter.
GBP/EUR Exchange Rate Tumbles as German Inflation Remains Solid
The Pound Euro (GBP/EUR) exchange rate slid to a new three-month low yesterday, with the single currency striking higher part in thanks to some upbeat CPI figures from Germany.
German inflation was shown to have fallen back slightly this month, but still remained above the key 2% threshold, leading EUR investors to remain optimistic that today’s CPI reading for the wider Eurozone will print positively.
GBP/USD Exchange Rate Strikes Eight-Month Low, But US Growth Slips
The Pound US Dollar (GBP/USD) exchange rate slumped another half a cent during Thursday’s session amidst a backdrop of rising trade tensions between the US and China.
However, slightly clipping the US Dollar’s gains yesterday was the publication of the final US GDP figures for the first quarter.
This saw US economic growth revised down more than expected at the start of the year, with GDP tumbling from 2.9% to 2% rather than the 2.2% previously forecast.
GBP/CAD Exchange Rate Nosedives as BoC Rate Expectations, Oil Lifts the ‘Loonie’
Losses in the Pound Canadian Dollar (GBP/CAD) exchange rate accelerated on Thursday, with the ‘Loonie’ buoyed by both rising expectations that the Bank of Canada (BoC) could raise interest rates next month, as well as soaring oil prices.
GBP/AUD Exchange Rate Slides as ‘Aussie’ Lifted by Commodity Prices
The Pound Australian Dollar (GBP/AUD) exchange rate fell back again yesterday, with a slight uptick in commodity prices being all it took for the ‘Aussie’ to exploit the weakened Pound.
GBP/NZD Exchange Rate Strengthens on Dovish RBNZ Outlook
The Pound New Zealand Dollar (GBP/NZD) exchange rate ticked higher on Thursday, with the ‘Kiwi’ continuing to feel the drag from a cautious Reserve Bank of New Zealand (RBNZ) as it hinted its next move could be a rate cut.