Pound Sterling (GBP) Exchange Rates Rise Despite Mixed Brexit Outlook
The Pound (GBP) ticked higher against most of its peers on Tuesday, putting in on track to recoup some of the losses recorded last week.
However there was some trepidation following a joint press conference from Brexit Secretary Dominic Raab and Chief EU Brexit negotiator Michel Barnier yesterday evening, with a mixed message on Brexit spooking some investors.
Looking ahead the Pound may struggle in the second half of the week as this focus on Brexit intensifies.
GBP/EUR Exchange Rate Fluctuates after Brexit Press Conference
The Pound Euro (GBP/EUR) exchange rate was left fluctuating on Tuesday thanks to mixed Brexit messages from Raab and Barnier.
However, the pairing still ended the session up on the day’s opening levels as Raab insisted that the UK could still reach an exit deal with the EU.
The outlook for the Euro looks to be fairly muted on Wednesday as another lull in Eurozone data provides limited catalyst for single currency movement.
GBP/USD Exchange Rate Jumps as Trump Takes a Swing at the Fed
The Pound US Dollar (GBP/USD) exchange rate swung higher again on Tuesday as the US Dollar was sent broadly lower on the back of President Donald Trump’s criticism of the Federal Reserve.
Trump’s remarks suggested that he was ‘not thrilled’ by the Feds recent path of rate hikes, and were seen as an attempt by the President to influence central bank policy – something which did not go down well with investors.
The comments may continue to hinder the US Dollar today if they take the shine off the minutes from the Fed’s most recent policy meeting.
GBP/CAD Exchange Rate Advances as Canadian Wholesale Trade Slides
The Pound Canadian Dollar (GBP/CAD) exchange rate jumped around half a cent on Tuesday as the ‘Loonie’ was pressured by an unexpected fall in Canadian Wholesale trade in June.
Meanwhile, the Canadian Dollar looks set to tumble even further this afternoon as Canada’s latest retail sales figures are expected to show a sharp drop off in sales growth in June.
GBP/AUD Exchange Rate Climbs amid Australian Political Turmoil
The Pound Australian Dollar (GBP/AUD) exchange rate jumped by around a half a cent on Tuesday as Australian Prime Minster Malcolm Turnbull’s narrow survival of a leadership vote rocked confidence in the ‘Aussie’.
GBP/NZD Exchange Rate Slides as New Zealand Retail Sales Impress
The Pound New Zealand Dollar (GBP/NZD) exchange rate trended lower overnight on Tuesday as the ‘Kiwi’ mounted a recovery on the back of some stronger-than-expected retail sales figures from New Zealand. Sales growth came in at 1.1% rather than the 0.3% expected.