Pound Sterling (GBP) Exchange Rate Nosedives as Inflation Fails to Rise
The Pound (GBP) plummeted on Wednesday, with investors left dismayed as UK inflation failed to rise as expected in June.
The lacklustre result saw markets sour on Sterling once again, driving it to new multi-month lows amid suggestions this could see the Bank of England (BoE) delay a rate hike next month.
Today will see the UK publish its latest retail sales figures, with GBP investors likely to cling onto hopes that the hot weather and start to the World cup will have fuelled spending last month, potentially offering the beleaguered Pound some much needed relief.
GBP/EUR Exchange Rate Losses Trimmed by Dip in Eurozone Core Inflation
While the Pound Euro (GBP/EUR) exchange rate stumbled around half a cent yesterday, the pairing was prevented from falling below €1.12 thanks to the release of the Eurozone’s own CPI figures.
This data saw EUR soften against most of its other peers as the bloc’s core inflation was shown to have fallen from 1.1% to 0.9% in June, coming in below a previous estimate of a more modest slide to 1%.
Looking ahead the Euro may struggle to find momentum today, with a lull in Eurozone data potentially leaving the currency adrift in Thursday’s session.
GBP/USD Exchange Rate Tanks as Fed Optimism Firms Dollar
The Pound US Dollar (GBP/USD) exchange rate struck a new ten-month low on Wednesday as the ‘Greenback’ continued to benefit from Jerome Powell’s optimism regarding the US economy.
In day two of his congressional testimony, the Federal Reserve Chair remained bullish, helping the US Dollar cement the gains made on Tuesday.
Meanwhile looking to today’s session the USD exchange rate may find further strength from an expected lift in the Philadelphia Fed Manufacturing Index in July.
GBP/CAD Exchange Rate Avoids 2018 Low as Oil Prices Dip
The Pound Canadian Dollar (GBP/CAD) exchange rate struck a fresh monthly low yesterday, but was able to stave off further losses as a strong rise in US crude inventories saw oil prices tumble, dragging on the ‘Loonie’
Canada will publish its latest employment growth figures later today, with the CAD exchange rate possibly strengthening if there is a robust lift in employment.
GBP/AUD Exchange Rate Slumps as Australian Employment Growth Rockets
The Pound Australian Dollar (GBP/AUD) exchange rate struck a fresh one-month low overnight on Wednesday, with the ‘Aussie’ surging higher as Australia’s latest labour report revealed a sharp rebound in employment growth last month
With the Australian data calendar being empty for the rest of the week, AUD is likely to be left to the whims of markets for the remainder of the session.
GBP/NZD Exchange Rate Continues to Plummet on Upbeat RBNZ Inflation Outlook
The Pound New Zealand Dollar (GBP/NZD) exchange rate continued to slide lower on Wednesday, with the pairing close to a one-month low as the ‘Kiwi’ remains buoyed by the Reserve Bank of New Zealand’s (RBNZ) recent inflation estimate.