Pound Sterling (GBP) Exchange Rates
The Pound (GBP) skyrocketed at the start of this week’s session, once again being propelled higher by remarks from the EU’s chief negotiator Michel Barnier on the possibility of the two sides reaching a Brexit deal.
Speaking at a conference in Slovenia, Barnier stressed the need for an agreement to be reached by the start of November, but suggested it was ‘realistic’ that a deal could be reached within 6-8 week’s, leading to an immediate surge in GBP exchange rates.
The Pound may be able to build on these gains during today’s session, with economists forecasting that July’s figures will show a bump in wage growth for UK workers.
GBP/EUR Exchange Rate Gains Slowed by Optimism over Italian Budget Situation
While the Pound Euro (GBP/EUR) exchange rate trended higher during yesterday’s trading session, the pairing’s advance was slowed somewhat by the optimism surrounding Italy’s fiscal policy.
This followed some comments by Italian Economy Minister Giovanni Tria on Sunday, which helped to alleviate concerns that Italy could break EU budget rules by greatly increasing spending.
However the Euro may find it more difficult to stave off its losses on Tuesday, with Germany’s latest economic sentiment index expected to fall even further into negative territory amidst ongoing global trade tensions.
GBP/USD Exchange Rate Surges on Bout of Profit Taking
While the Pound US Dollar (GBP/USD) exchange rate surged as much as 1% yesterday afternoon as a weakened ‘Greenback’ struggled to hold off Sterling’s advances.
With no notable developments to spur the US Dollar higher at the start of this week’s session, the currency fell back as investors looked to book some of their profits following the currency’s unrelenting march higher over the past month.
Looking ahead USD may be able to carve out some gains later this afternoon, with the latest US job opening figures expected to reveal that US labour demand remained strong in July.
GBP/CAD Exchange Rate Strengthens as NAFTA Talks Drag on
The Pound Canadian Dollar (GBP/CAD) exchange rate struck a new one-month high on Monday, with ongoing concerns over the state of NAFTA discussions leading to the ‘Loonie’ tumbling at the start of the week despite an ongoing rise in oil prices.
GBP/AUD Exchange Rate Advances as Australian Business Confidence Slumps
After racing higher throughout the European session yesterday, the Pound Australian Dollar (GBP/AUD) exchange rate continued to strengthen overnight as data revealed that Australian business confidence plummeted to a new two-year low in August.
GBP/NZD Exchange Rate Soars as Trade War Jitters Grow
The Pound New Zealand Dollar (GBP/NZD) exchange rate jumped by around two cents on Monday, striking its best levels since the Brexit referendum as ongoing trade uncertainty saw the ‘Kiwi’ unable to halt Sterling’s advance.