Pound Sterling (GBP) Exchange Rates Lifted by Lingering Brexit Optimism
The Pound (GBP) ticked higher against many of its peers yesterday as it remained buoyed by lingering Brexit optimism following a Bloomberg report on Wednesday.
However Sterling was unable to match the highs struck in the previous session, with uncertainty beginning to taint market sentiment once again.
A lull in notable UK data today means Brexit is likely to remain centre stage, with GBP exchange rates potentially slipping back if headlines begin to turn negative once again.
GBP/EUR Exchange Rate Strengthens Following Contraction in German Factory Orders
The Pound Euro (GBP/EUR) exchange rate ticked up on Thursday as Germany recorded a surprise contraction in domestic factory orders in July.
This fall in orders was driven by lacklustre overseas demand, with analysts warning that growing trade uncertainty has started to be felt by the Eurozone’s largest economy.
The Euro may show more resilience during today’s session however as the Eurozone’s latest GDP estimate is expected to confirm that the bloc expanded by a robust 0.4% in the second quarter.
GBP/USD Exchange Rate Firms as ADP Employment Figures Disappoint
The Pound US Dollar (GBP/USD) exchange rate strengthened yesterday as USD exchange rates drifted lower following the release of some weak US ADP Employment figures.
However, helping to trim the US Dollar’s losses was ISM’s latest non-manufacturing PMI, which revealed US service sector activity accelerated at a faster-than-expected pace last month.
Looking ahead all eyes will be on the latest US non-farm payrolls figures this afternoon, with a healthy jump in employment likely to translate into further gains for the US Dollar.
GBP/CAD Exchange Rate Advances as NAFTA Worries Persist
The Pound Canadian Dollar (GBP/CAD) exchange rate continued to trend higher during Thursday’s trading session as President Trump and Prime Minister Trudeau traded barbed comments overnight on Wednesday, with both leaders threatening to walk away from NAFTA talks.
The ‘Loonie’ may face further losses during today’s session as Canada’s latest labour figures are forecast to show a marked slowdown in employment growth as well as a possible rise in the domestic unemployment rate.
GBP/AUD Exchange Rate Soars as Markets Brace for More Trade Tensions
The Pound Australian Dollar (GBP/AUD) exchange rate raced higher overnight on Thursday, advancing over a cent amid speculation that President Trump may implement his next round of trade tariffs on China by the end of the week.
GBP/NZD Exchange Rate Jumps as Market Risk Appetite Sours
The Pound New Zealand Dollar (GBP/NZD) exchange rate performed similarly to GBP/AUD last night, with the recent emerging market sell-off and fears of escalating trade tensions between the US and China left the risk-sensitive ‘Kiwi’ on the defensive.