Pound Sterling (GBP) Exchange Rates Flat Amid Lull in Data
Trade in the Pound (GBP) was mixed on Thursday, with the absence of any major data and limited developments on the Brexit front leaving Sterling without any catalyst for movement.
Today’s session could see trade in the Pound firm with the release of the UK’s latest GDP figures as they are expected to confirm Britain’s economy expanded 0.4% in the second quarter.
GBP/EUR Exchange Rate Ticks Higher Amid Italian Budget Worries
The Pound Euro (GBP/EUR) exchange rate pushed higher yesterday as the single currency was undermined by reports that Italy’s budget may be delayed due to disagreements between the ruling parties.
The row heightened concerns amongst investors that Italy’s coalition could push for a larger deficit target, much to the chagrin of the EU.
However the Euro may look to recoup its losses this morning as economists forecast the Eurozone’s latest CPI flash reading will show an uptick in both headline and underlying inflation this month.
GBP/USD Exchange Rate Slumps on Impressive US Goods Orders
The Pound US Dollar (GBP/USD) exchange rate fell back on Thursday, as the ‘Greenback’ built on its post rate hike strength thanks to a rebound in US durable goods orders.
The data revealed order growth rebounded sharply last month, rocketing from -1.2% to 4.5%, beating expectations of a more modest expansion 2% and rising at their fastest pace since February.
Looking ahead, the US Dollar could continue to accelerate later this afternoon if the Federal Reserve’s preferred measure of inflation, the PCE price index, has risen in line with expectations in August.
GBP/CAD Exchange Rate Slides on NAFTA Optimism
The Pound Canadian Dollar (GBP/CAD) exchange rate slumped around a cent on Thursday afternoon as cautious optimism that Canada and the US could reach an agreement on NAFTA this weekend helped to bolster the appeal of CAD.
Meanwhile CAD investors will be paying close attention to Canada’s GDP figures later this afternoon, with the ‘Loonie’ expected to tumble if the country records another month of stagnant growth.
GBP/AUD Exchange Rate Fluctuates as Commodity Prices Tumble
The Pound Australian Dollar (GBP/AUD) exchange rate was met by volatility on Thursday, with Sterling struggling to consolidate its gains despite the ‘Aussie’ coming under pressure from a fall in iron ore prices as well as a stronger US Dollar (USD).
GBP/NZD Exchange Rate Edges Higher as Risk Appetite Falls
The Pound New Zealand Dollar (GBP/NZD) exchange rate ticked higher yesterday, with a stronger ‘Greenback’ weakening demand for risk-sensitive currencies such as the ‘Kiwi’.