Pound Sterling (GBP) Exchange Rate Sinks as Trump Shuns Brexit Deal
Trade in the Pound (GBP) was mixed on Thursday, with Sterling struggling to make any headway following the long-awaited release of the UK government’s Brexit white paper.
The white paper outlined the government’s proposals for the UK’s future relationship with the EU, with Theresa May claiming it ‘delivers on the Brexit people voted for’ although significant criticism from within the Conservative party dampened any optimism about the plans.
However it was comments from US President Donald Trump which really dragged on Sterling sentiment yesterday as he suggested the current plans could kill a UK-US trade deal.
GBP/EUR Exchange Rate Subdued as ECB Minutes Disappoint
The Pound Euro (GBP/EUR) exchange rate remained flat on Thursday, with hopes of a more hawkish shift within the European Central Bank (ECB) quelled by the most recent minutes.
Recent reports had suggested that the ECB was split on when exactly to begin raising interest rates in 2019.
However it would appear, according to yesterday’s minutes that this is not the case, with the decision to leave rates on hold well into next year being unanimous.
GBP/USD Exchange Rate Edges Higher as US Inflation Fails to Impress
The Pound US Dollar (GBP/USD) exchange rate ticked up during yesterday’s session as markets appeared largely unimpressed by the latest US CPI figures.
While inflation was shown to have struck its highest levels since 2012 last month, rising in line with forecasts, USD investors were left a little disappointed following whispers that inflation was to outperform expectations.
Looking ahead, a possible dip in the latest US consumer confidence figures could drag on the US Dollar this afternoon, with analysts forecasting trade war fears may have weakened sentiment in July.
GBP/CAD Exchange Rate Dips as Oil Price Slide Halts
The Pound Canadian Dollar (GBP/CAD) exchange rate struck lower on Thursday, with the dip in the US Dollar and small rebound in Brent crude prices from their recent slide helping the ‘Loonie’ to strike higher during the afternoon.
GBP/AUD Exchange Rate Slumps as Risk Appetite Rebounds
Thursday’s session saw the Pound Australian Dollar (GBP/AUD) exchange rate fall over a cent, with the ‘Aussie’ firming throughout the day as a shift in risk appetite saw AUD come out as the best performing major.
GBP/NZD Exchange Rate Tumbles as High-Yield Demand Picks Up
The Pound New Zealand Dollar (GBP/NZD) exchange rate mirrored movement in the GBP/AUD exchange rate on Thursday, with the upswing in risk appetite also buoying the ‘Kiwi’.