Pound Sterling (GBP) Exchange Rate Struggles on ‘Subdued’ PMI Figures
Trade in the Pound (GBP) was mixed on Monday, with the currency struggling following the release of the UK’s latest manufacturing PMI.
June’s data revealed factory growth remained largely unchanged from May, with analysts unimpressed by the ‘subdued’ reading.
With the UK’s remaining PMI figures expected to preform similarly, it may be a pretty rough few days for Sterling.
GBP/EUR Exchange Rate Muted on German Political Jitters
The Pound Euro (GBP/EUR) exchange rate remained flat throughout yesterday’s session, with the single currency facing pressure from the political situation in Germany.
Germany’s Interior Minister and head of the Christian Social Union (CSU), Horst Seehofer sent the Euro lower on Monday as he threatened to quit in an ongoing dispute over Germany’s migration policy.
Markets fear this could trigger the collapse of Chancellor Angela Merkel’s fledgling government as the CSU is a key part of her coalition.
GBP/USD Exchange Rate Nosedives as Trade Tensions Mount
The Pound US Dollar (GBP/USD) exchange rate plummeted on Monday, with demand for the US Dollar once again soaring amid rising trade tensions as US President Trump attacked the EU over its trade relationship with the US.
Further bolstering the ‘Greenback’ was the publication of the latest ISM manufacturing PMI.
This revealed US factories picked up the pace again in June, with the index rocketing up from 58.7 to a four-month high of 60.2.
GBP/CAD Exchange Rate Fluctuates on NAFTA Uncertainty
The Pound Canadian Dollar (GBP/CAD) exchange rate was met by volatility yesterday, with traders unsure how Mexico’s new left-wing president, Andrés Manuel López Obrador, could impact the renegotiation of NAFTA.
GBP/AUD Exchange Rate Experiences Wild Swings Following RBA Meeting
The Pound Australian Dollar (GBP/AUD) exchange rate fluctuated overnight on Monday, initially surging on the back of a collapse in commodity prices before rebounding as the Reserve Bank of Australia (RBA) struck an optimistic tone at its latest policy meeting.
GBP/NZD Exchange Rate Strengthens as Commodity Prices Slump
The Pound New Zealand Dollar (GBP/NZD) exchange rate struck a new six-week high late on Monday, with the drop in commodity prices weighing heavily on the ‘Kiwi’.