Pound Sterling Exchange Rate Daily Update: GBP/USD Slips on Strong US Data

Pound Sterling (GBP) Exchange Rates Muted on Construction PMI

Following on from Thursday’s surge, the Pound (GBP) appeared content to consolidate its gains on Friday as GBP investors digested the UK’s latest construction PMI.

This saw Sterling remain broadly flat at the end of the week as – while the construction index rose last month – the headline figures were thought to have masked some underlying weaknesses in the sector.

Looking ahead, the UK will publish its latest Services PMI later this morning, with the Pound potentially firming if Britain’s service sector expanded as expected in October.

GBP/EUR Exchange Rate Steady Following Eurozone Manufacturing PMI

The Pound Euro (GBP/EUR) exchange rate trod water through to the end of last week’s session as Sterling’s momentum ran out of steam.

At the same time the single currency struggled to gain any ground on Friday as the Eurozone’s final manufacturing PMI reading for October saw a slight slip in growth from the preliminary reading.

Meanwhile EUR investors are likely to be focused on Germany this week, as we get a look at how the country’s industrial sector fared in September before the release of Germany’s third quarter GDP figures next week.

GBP/USD Exchange Rate Gains Trimmed by Robust US Payrolls

The Pound US Dollar (GBP/USD) exchange rate briefly broke past $1.30 for the first time in over a week on Friday.

However the pairing was unable to sustain this gains into the afternoon as US payrolls were shown to have rocketed by 250,000 in October, easily smashing consensus estimates of a 190,000 rise.

The US Dollar may be well positioned to mount a more sustainable recovery this week however, with the ‘Greenback’ potentially strengthening if we see a robust reading from the latest US non-manufacturing PMI.

GBP/CAD Exchange Rate Muted as Canadian Jobs Figures Fail to Boost Rate Hike Odds

The Pound Canadian Dollar (GBP/CAD) exchange rate was left rangebound at the end of last week, leaving the pairing at a one-week high as a modest rise in Canadian unemployment in October appeared to dampen hopes of a possible rate hike from the Bank of Canada (BoC) in December.

GBP/AUD Exchange Rate Fluctuates amid Conflicting Trade Deal Report

The Pound Australian Dollar (GBP/AUD) exchange rate traded in a wide range at the end of last week’s session, with the ‘Aussie’ giving up its early gains on suggestions the US and China are ‘not on the cusp of a trade deal’.

GBP/NZD Exchange Rate Mixed as Risk Appetite Retreats

The Pound New Zealand Dollar (GBP/NZD) exchange rate was also hit by volatility on Friday, with a more pessimistic trade outlook dampening demand for the risk-sensitive ‘Kiwi’.

Luke Trevail

Luke studied Journalism at university but quickly moved into the financial sector, initially working in retail banking before joining TorFX in 2007. As a Senior Account Manager Luke assists in overseeing the management of the company’s exposure to currency volatility. He uses his years of foreign exchange experience to produce regular news updates exploring the latest currency movements.

Contact Luke Trevail