Pound Sterling (GBP) Exchange Rates Strengthened by GDP Data
The Pound (GBP) put in a favourable performance against the majority of its peers on Friday, striking higher as markets welcomed the UK’s latest GDP figures.
Data published by the ONS saw the UK’s first quarter growth revised up from 0.1% to 0.2%, lifting Sterling sentiment as hopes were bolstered that the BoE was on track for an August rate hike.
However the start of this week could see GBP exchange rates begin to drift lower once again as economists forecast today’s manufacturing PMI will reveal factory activity slowed in June.
GBP/EUR Exchange Rate Tumbles as EU Leaders Strike Migration Deal
The Pound Euro (GBP/EUR) exchange rate fell to a new three-month low at the end of last week’s session with investors pouncing on the single currency as EU leaders managed to agree to a deal on migration.
This helped dispel concerns that failure to reach a deal could undermined the political stability of the EU, particularly in Germany, where the migrant crisis had threatened to topple Chancellor Angela Merkel’s fragile coalition government.
GBP/USD Exchange Rate Rallies despite Rising US Consumer Sentiment
The Pound US Dollar (GBP/USD) exchange rate rocketed on Friday, appreciating nearly a cent from the eight-year low struck on Thursday as markets turned on the ‘Greenback’.
There appeared to be no real reason for the pull back in the US Dollar given a rise in US consumer confidence as well as the PCE price index, leading markets to attribute the losses to a bout of profit taking.
GBP/CAD Exchange Rate Flat as Canadian GDP Also Beats Expectations
The Pound Canadian Dollar (GBP/CAD) exchange rate held close to a two-week low at the end of last week, with Sterling failing to make any gains against the ‘Loonie’ as it found support from its own better-than-expected GDP figures as well as a further lift in oil prices.
GBP/AUD Exchange Rate Rallies as Commodity Prices Weaken
The Pound Australian Dollar (GBP/AUD) exchange rate surged by over a cent on Friday, with the ‘Aussie’ coming under increasing pressure following a slight downturn in commodity prices.
GBP/NZD Exchange Rate Trends Higher on RBNZ Caution
The Pound New Zealand Dollar (GBP/NZD) exchange rate struck a one-month high at the end of last week, with markets continuing to shun the ‘Kiwi’ following a dovish Reserve Bank of New Zealand (RBNZ) policy meeting earlier in the week.