Pound Sterling (GBP) Exchange Rate News: Can May Resolve Cabinet Splits over Brexit Blueprint?

Pound Sterling (GBP) Exchange Rate Fluctuates Following Upbeat Carney Remarks,

The Pound (GBP) briefly rallied yesterday morning, with investors reacting well to a speech by Bank of England (BoE) Governor, Mark Carney.

While much was made of his comments that a World Cup win for England would an ‘unalloyed, unadulterated absolute good’ impact on the economy, GBP investors were mainly focused on his remarks over recent growth figures.

Carney said that the latest economic data had given him ‘greater confidence’ that the slowdown in first quarter growth would prove to be temporary, strengthening Sterling sentiment as it stoked expectations of an August rate hike.

However Sterling fell back later in the session as markets became increasingly sceptical about Theresa May’s ability to steer her cabinet towards a workable Brexit solution.

GBP/EUR Exchange Rate Slides as German Data Impresses, Trade Fears Abate

The Pound Euro (GBP/EUR) exchange rate ticked lower yesterday, relinquishing much of Wednesday’s gains as EUR investors welcomed a strong rebound in German industrial orders in May.

Further lifting the single currency was a softening in US trade rhetoric against the EU, with European carmakers breathing a sigh of relief as the US ambassador to Germany said that Trump would be drop threats to impose tariffs if the EU worked to lift duties on American cars.

GBP/USD Exchange Rate Flat as FOMC Wary Over Trade Tensions

Except for a brief spike in the morning, the Pound US Dollar (GBP/USD) exchange rate traded in a narrow range on Thursday, with the ‘Greenback’ firming as the US non-manufacturing PMI outperformed expectations in June.

Meanwhile the release of the FOMC minutes from the Federal Reserve’s June policy meeting failed to support the US Dollar, with members of the Fed warning that the domestic economy could be hurt by rising global trade tensions.

GBP/CAD Exchange Rate Climbs as Oil Prices Weaken

The Pound Canadian Dollar (GBP/CAD) exchange rate inched higher yesterday, with a dip in oil prices and the release of some notable US data both dragging on the ‘Loonie’.

The Canadian Dollar looks poised to rally on Friday however with an expected lift in employment likely to reinforce expectations of a rate hike from the Bank of Canada (BoC) next week.

GBP/AUD Exchange Rate Slides on Easing Trade Fears

The Pound Australian Dollar (GBP/AUD) exchange rate tumbled by over half a cent on Thursday, with the ‘Aussie’ posting strong gains as it was lifted by easing trade tensions between the US and EU.

GBP/NZD Exchange Rate Weakened by Rising Risk Sentiment

The Pound New Zealand Dollar (GBP/NZD) exchange rate fell sharply yesterday as a slightly more optimistic trade outlook allowed market risk appetite to tick a little higher.

Luke Trevail

Luke studied Journalism at university but quickly moved into the financial sector, initially working in retail banking before joining TorFX in 2007. As a Senior Account Manager Luke assists in overseeing the management of the company’s exposure to currency volatility. He uses his years of foreign exchange experience to produce regular news updates exploring the latest currency movements.

Contact Luke Trevail