Pound Sterling (GBP) Exchange Rate Subdued Following UK Housing Figures
After Monday’s sell-off, Pound Sterling exchange rates (GBP) found a little relief on Tuesday in the wake of the UK’s latest House Price Index.
Halifax bank reported that annualised house prices jumped 3.3% in July, easily beating expectations of a more modest rise of 2.7%, however Sterling struggled to translate this into any meaningful gains as analysts warned that UK housing activity remains soft.
In the absence of any notable UK data, the focus is likely to return to Brexit today, potentially weakening the GBP exchange rate if headlines remain negative.
GBP/EUR Exchange Rate Slides despite Underwhelming German Data
The Pound Euro (GBP/EUR) exchange rate remained close to a nine-month low on Tuesday as the single currency was able to benefit from a reduction in demand for the US Dollar (USD).
This uptick in the Euro came despite some weaker-than-expected industrial figures from German, as domestic factory output was reported to have contracted 0.9% in June.
However the single currency may struggle to carry this momentum into Wednesday’s session due to limited market moving events.
GBP/USD Exchange Rate Flat as US Job Openings Rises
The Pound US Dollar (GBP/USD) exchange rate was treading water during yesterday’s session as another solid rise in US job openings saw the pairing relinquish its early gains.
However a sudden disappearance of USD hawks saw the ‘Greenback’ struggle to continue its bullish run on Tuesday, leading the currency to cede ground to many of its other peers.
Looking ahead, while there are no major US data releases scheduled for today, the US Dollar could still tick higher if trade jitters continue to dictate market movement.
GBP/CAD Exchange Rate Struggles as Oil Prices Soar
The Pound Canadian Dollar (GBP/CAD) exchange rate remained largely range bound yesterday, with the oil-sensitive ‘Loonie’ being bolstered by a sharp uptick in crude prices.
This uptrend in oil prices may continue later this afternoon should US crude inventories be shown to have contracted again last week, likely lending further strength to CAD exchange rates.
GBP/AUD Exchange Rate Tumbles as Risk Sentiment Rises
The Pound Australian Dollar (GBP/AUD) exchange rate slumped by almost a cent to strike a new two-week low on Tuesday with easing demand for the US Dollar (USD) bolstering market risk appetite and lifting the ‘Aussie’.
GBP/NZD Exchange Rate Stable as Dairy Prices Stall
The Pound New Zealand Dollar (GBP/NZD) exchange rate traded in a narrow range yesterday, with the ‘Kiwi’ unable to benefit from a broad rise in risk appetite following a lacklustre result at the latest global dairy auction.
The Reserve Bank of New Zealand (RBNZ) will conclude its August policy meeting later this evening, with markets bracing for a possible fall in NZD exchange rates if the bank continues to signal that it is open to a rate cut if the policy outlook worsens.