Pound Sterling (GBP) Exchange Rates Dip as Brexit Talks Stall
The Pound (GBP) fell back against the majority of its peers at the start of this week’s session as the UK currency came under pressure after Brexit talks collapsed over the weekend.
Fortunately for GBP investors Sterling’s losses proved to be limited as Theresa May struck an optimistic tone as she addressed the Commons later in the afternoon, bolstering hopes the UK will still avoid a no-deal Brexit.
However there may be a chance for the Pound to recoup some of its losses in today’s session, with some robust domestic labour figures potentially helping to buoy the currency later this morning.
GBP/EUR Exchange Rate Slides despite Italy Budget Concerns
The Pound Euro (GBP/EUR) exchange rate slipped around 0.3% on Monday as Brexit angst dragged on Sterling sentiment.
However the Euro faced some political hurdles of its own at the start of the week, with the single currency’s gains trimmed by anxious investors as Italy submitted it controversial budget to the EU for approval.
Looking ahead the Euro could come under pressure later this morning as ZEW’s latest economic survey is expected to reveal Eurozone economic sentiment stumbled again in October.
GBP/USD Exchange Rate Steady as US Retail Sales Disappoint
The Pound US Dollar (GBP/USD) exchange rate ended Monday’s session close to its opening levels following the release of some weaker-than-expected US retail sales figures.
The US Commerce Department reported sales growth remained at just 0.1% last month with a marked drop in spending in bars and restaurants preventing a sales rise of 0.6% as forecast.
Today’s data may prove more positive for the ‘Greenback’ however, with forecasts of another strong print in JOLTs jobs openings likely to indicated that the US labour market is tightening, bolstering the case for the Federal Reserve to raise interest rates.
GBP/CAD Exchange Rate Fluctuates Amid Volatility in Oil Prices
The Pound Canadian Dollar (GBP/CAD) exchange rate traded erratically on Monday, with the oil-sensitive ‘Loonie’ hit by considerable volatility as oil prices fluctuated dramatically at the start of the week amid growing tensions between the West and Saudi Arabia
GBP/AUD Exchange Rate Subdued as RBA Minutes Well Received by Markets
The Pound Australian Dollar (GBP/AUD) exchange rate tumbled around half a cent throughout Monday’s session, with the release of some upbeat minutes from the Reserve Bank of Australia (RBA) helping the ‘Aussie’ to consolidate its gains overnight.
GBP/NZD Exchange Rate Slides to Two-Week Low as NZ Inflation Impresses
The Pound New Zealand Dollar (GBP/NZD) exchange rate fell to a two-week low overnight on Monday as the ‘Kiwi’ was bolstered by New Zealand’s stronger-than-expected third quarter inflation figures.