Pound Sterling to Euro (GBP/EUR) Exchange Rate Rebounds as Trump Changes Tune on Trade
The Pound Sterling to Euro (GBP/EUR) exchange rate initially stumbled on Friday, with markets shunning the currency after President Trump appeared to suggest Theresa May’s Brexit plans would ‘kill’ a trade deal with the US.
However Sterling reversed course in the afternoon as, in a joint press conference with May, Trump backtracked on his earlier statement, suggesting that after talking with the PM a trade deal ‘will be possible’.
GBP/EUR Exchange Rate Rallies as USD Strength Curbs Euro
After a brief drop on Friday morning the Pound Euro (GBP/EUR) exchange rate shot back up by the end of session, as the single currency lost out in the face of a strengthened US Dollar.
With the Euro being the most traded currency partner of the US Dollar, the common currency broadly weakened.
GBP/USD Exchange Rate Stabilises as Trade War Fears Drive US Dollar Demand
The Pound US Dollar (GBP/USD) exchange rate touched a new weekly low before rallying on Friday as GBP investors welcomed Trump’s comments in his press conference with Theresa May.
The ‘Greenback’ kept up the pressure on its other peers however, with fears that China’s posting of a record trade surplus with US in May could see trade tensions continue to escalate.
Looking to today’s session USD investors are bracing for the release of the latest US retail sales figures, with an expected slowdown in sales growth in June possibly prompting a dip in the US Dollar.
GBP/CAD Exchange Rate Recoups Ground as Oil Prices Stall
The Pound Canadian Dollar (GBP/CAD) exchange rate struck a two-week low during the start of Friday’s session before quickly rebounding by the end of the day as a lull in Canadian data and stifled movement in oil prices left the ‘Loonie’ exposed to Sterling’s advances.
GBP/AUD Exchange Rate Rallies as Trade Tensions Grow
The Pound Australian Dollar (GBP/AUD) exchange rate strengthened on Friday, with the ‘Aussie’ relinquishing ground following the release of China’s trade balance figures, which stoked fears of an escalation in trade tensions with the US.
GBP/NZD Exchange Rate Jumps as Risk Appetite Slumps
The Pound New Zealand Dollar (GBP/NZD) exchange rate was in a similar boat to GBP/AUD on Friday, with the ‘Kiwi’ sliding as trade war fears dragged on market risk appetite.