GBP/USD Exchange Rate Falls Back Further
UPDATE: The Pound Sterling US Dollar (GBP/USD) exchange Rate has continued to fall back from this morning’s high following Theresa May’s address in the House of Commons, and is now trading at an inter-bank rate of $1.2856.
May emphasised that Gibraltar’s sovereignty ‘will be protected’, and that any future relationship agreed ‘must work for the whole UK family.’
In her address, May she clashed with Labour leader, Jeremy Corbyn over whether or not her deal meets Labour’s ‘six tests’, saying ‘This is a good deal for the United Kingdom […] he may want to play party politics; I’m working in the national interest.’
The Prime Minister also stated that ‘We will be a sovereign nation, we will no longer be under the rule of the European Court of Justice.’
GBP/USD Exchange Rates Drop from This Morning’s Spike to Just Under $1.29
UPDATE: The Pound Sterling US Dollar (GBP/USD) exchange rate has fallen back from today’s earlier spike after news came out regarding a draft agreement between the UK and EU.
Prime Minister Theresa May is set to give a speech to the House of Commons this afternoon at 15:00 GMT, which if all goes well could bolster the Pound.
May earlier said that the agreement ‘delivers on the vote of the referendum’ adding:
‘The British people want this to be settled. They want a good deal that sets us on course for a brighter future. That deal is within our grasp and I am determined to deliver it.’
GBP/USD Exchange Rate Pushes Back as News of Agreement Surfaces
The Pound Sterling US Dollar (GBP/USD) exchange rate has begun to push back this morning after yesterday afternoon’s slump, with the rates jumping by around 1% following positive Brexit news.
GBP/USD is currently sitting at an inter-bank rate of $1.2915 after the news that the UK and EU have agreed upon a beefed-up 26 paged text detailing the future relations for the two post-Brexit, with Prime Minster Theresa May set to address the House of Commons later today.
The revelation has caused the UK currency to jump over a cent against the US Dollar, scrambling back losses that have been suffered over the last week, rising to the pairing’s highest levels since (now ex) Brexit Secretary Dominic Rabb resigned.
GBP/USD Exchange Rate Gains Limited as Gibraltar Weighs on Sterling
Brexit uncertainties remained at the forefront of the issues for Sterling over the session yesterday, as Prime Minister Theresa May headed to Brussels for a meeting with European Commission President, Jean-Claude Juncker.
It had been emphasised by diplomats in Brussels that EU member states’ anxieties over future trade ties and fishing rights have in fact been addressed.
Despite May stating that the meeting allowed them to make ‘further progress’, the issue raised over Gibraltar by Spain still weighs heavy, with Spanish Prime Minister, Pedro Sánchez threatening to vote against May’s Brexit plan.
GBP/USD Exchange Rate Bites Back as Disappointing US Durable Goods Figures Released
The Pound slumped against USD over the course of Tuesday as volatility in stock markets, commodities and cryptocurrencies saw investors dash to put their money into the safe-haven US Dollar.
Despite this, the US currency was dented on Wednesday evening by the release of figures showing a worse-than-expected decrease in US durable goods orders.
The figures forecast were in the range of a slip of -2.6%, whereas the reality of a -4.4% fall allowed Sterling to bite back at some previous losses, with analysts suggesting that businesses in the US are growing increasingly reluctant to invest in new equipment as the country’s trade tensions with China are still aflame.
Figures also showed that existing homes sales increased by a better-than-expected rate of 1.4%, instead of the forecast 1% in October compared to September.
Brexit Optimism Bolsters Sterling over Thanksgiving
With US markets taking a break over Thanksgiving, it is likely that trade in USD is going to remain quiet, which leaves Sterling open to continuing it’s process of clawing back the losses it has suffered over the past week.
Friday will see a few data releases from the US, with November’s Markit PMIs in manufacturing and services data being released.
If those figures follow the forecast of expected growth, it could prove favourable for the US Dollar against the Pound.
With the lack of UK data to be released at the end of this week’s session, Sterling is likely to fluctuate in line with Brexit news being released, with a focus on the clash currently occurring over Gibraltar.
If the news remains positive in regard to Brexit, it seems likely the UK currency will continue on its quest to rally against the US Dollar.