Pound Sterling (GBP) Exchange Rates Steady on BoE Hearing
The Pound (GBP) traded in a narrow range yesterday as markets reacted to Mark Carney’s appearance in front of Parliament’s Treasury Committee.
Unsurprisingly Brexit dominated Carney’s hearing, with Sterling appearing stable as the Bank of England Governor gave his tentative backing to Theresa May’s Brexit deal.
Movement in the Pound is likely to remain tied to Brexit today as well, as May heads to Brussels to discuss the UK-EU future relationship with European Commission President Jean-Claude Juncker.
GBP/EUR Exchange Rate Advances as Italy Concerns Bite
The Pound Euro (GBP/EUR) exchange rate accelerated on Tuesday, rising roughly 0.3% as EUR investors became increasingly jittery ahead of the European Commission’s verdict on Italy’s controversial budget.
The EC’s response is likely to be watched closely by EUR investors today, with the Euro likely to face losses if the Commission seeks to initiate disciplinary action.
GBP/USD Exchange Rate Slips as Stocks Rout Creates Safe-Haven Demand
The Pound US Dollar (GBP/USD) exchange rate slipped during yesterday’s session, with the ‘Greenback’ finding itself back in demand as a slump in equities saw investors flock to safe-haven assets.
Stock-markets, cryptocurrencies and commodities all fell sharply yesterday, driving investors to seek out the relative safety of USD.
Meanwhile the release of the latest US durable goods figures may prompt the US Dollar to weaken this afternoon if orders are shown to have contracted in October as expected.
GBP/CAD Exchange Rate Surges as Oil Prices Plummet
The Pound Canadian Dollar (GBP/CAD) exchange rate leapt roughly a cent on Tuesday as the oil-sensitive ‘Loonie’ was hammered by a 7% rout in crude prices as oversupply concerns continued to weigh on the commodity.
GBP/AUD Exchange Rate Climbs as Commodity Prices Slump
The Pound Australian Dollar (GBP/AUD) exchange rate appreciated by roughly half a cent on Tuesday as confidence in the ‘Aussie’ was battered by the slump in stock and commodity prices.
GBP/NZD Exchange Rate Firms as Dairy Prices Drop
The Pound New Zealand Dollar (GBP/NZD) exchange rate also ticked higher during yesterday’s trading session as the ‘Kiwi’ was softened by yet another fall in dairy prices.