Pound Sterling (GBP) Exchange Rates Pressured by Brexit Jitters

The Pound (GBP) was left on the defensive at the end of last week’s session as markets remained concerned about the possibility of the UK crashing out of the EU without an exit deal.

This weakness in Sterling persisted into the new week as the closure of UK markets for the long bank holiday weekend led to thin trading volumes on Monday.

In the absence of any notable UK data this downtrend in the Pound may continue throughout the rest of the week’s session, with GBP investors likely left to remain focused on Brexit.

GBP/EUR Exchange Rate Dips on German GDP

The Pound Euro (GBP/EUR) exchange rate struck a new 11-month low at the end of last week’s session as Germany’s latest GDP figures fell in line with expectations.

Meanwhile the Euro (EUR) was also supported on Monday by the release of Germany’s forecast-beating business confidence figures.

Looking ahead to the remainder of the week, the Euro could be driven higher with the release of Germany’s latest CPI figures, with another robust inflation reading likely to reflect well on the single currency.

GBP/USD Exchange Rate Jumps as US Goods Orders Contract

The Pound US Dollar (GBP/USD) exchange rate climbed almost half a cent at the end of last week’s session, with USD coming under pressure following a larger-than-expected decline in US durable goods orders.

The Jackson Hole gathering of central bankers also focused on the potential global economic impact of current trade policies. 

This week’s session could see the US Dollar tick higher once again however with the release of the latest US GDP estimate, following a possible upwards revision to second quarter growth in the wake of some strong US data in recent weeks.

GBP/CAD Exchange Rate Flat amid NAFTA Uncertainty 

The Pound Canadian Dollar (GBP/CAD) exchange rate trended in a narrow range at the end of last week’s session, with CAD failing to press higher as NAFTA uncertainty weighed on sentiment.

The ‘Loonie’  strengthened following Bank of Canada (BoC) Governor Stephen Poloz’s interview with CNBC on Friday evening in which he indicated that he will continue raising interest rates gradually.

If Canada’s latest GDP figures impress, the Canadian Dollar could trend higher this week.

GBP/AUD Exchange Rate Tumbles as Markets Welcome New PM

The Pound Australian Dollar (GBP/AUD) exchange rate tanked on Friday, with the pairing shedding around a cent as markets reacted as Prime Minister Malcolm Turnbull was ousted to be replaced by Scott Morrison, bringing an end to days of uncertainty following an unsuccessful leadership contest at the start of the week.

GBP/NZD Exchange Rate Slides as Risk Appetite Swells

The Pound New Zealand Dollar (GBP/NZD) exchange rate slumped at the end of last week’s session as the ‘Kiwi’ was buoyed by rising risk sentiment amid a fall in the US Dollar (USD) and an upswing in commodity prices.