Pound Sterling (GBP) Exchange Rates Surge on Political Declaration Agreement
The Pound (GBP) roared higher during Thursday’s trading session as markets cheered reports that the UK and EU had ‘agreed in principle’ to a political declaration on post-Brexit relations.
In a brief statement outside Downing Street, Theresa May hailed the draft agreement as ‘right for the whole of the UK’.
This is likely to leave Sterling buoyed today as it paves the way for EU leaders to approve the draft withdrawal deal at an extraordinary summit on Sunday.
GBP/EUR Exchange Rate Advances as Eurozone Confidence Slips
The Pound Euro (GBP/EUR) exchange rate climbed around 0.5% yesterday as the single currency was knocked by the Eurozone’s latest confidence index.
The index was shown to have fallen to -3.9 in November against expectations of a more modest dip to -3 and resulting in confidence sliding to its worst levels since March 2017.
Meanwhile the euro is likely to come under additional pressure this morning amid forecasts the Eurozone’s private sector will have continued to slow this month.
GBP/USD Exchange Rate Jumps amid Thin Holiday Trade in the ‘Greenback’
Trade in the Pound US Dollar (GBP/USD) exchange rate shot up as much as 1% on Thursday as a ‘Thanksgiving pause’ in US markets left the ‘Greenback’ vulnerable to Sterling’s advances.
This lull in USD also comes amid suggestions that the Federal Reserve may be planning a pause in its current tightening cycle after some dovish Fed commentary and soft US data.
Looking to today’s session, trade in the US Dollar is likely to remain relatively thin as many US based traders remain off work to enjoy a four-day weekend.
GBP/CAD Exchange Rate Accelerates as Oil Rally Cut Short
The Pound Canadian Dollar (GBP/CAD) exchange rate leapt around a cent yesterday, with the ‘Loonie’ stalling in broader trade as the recent rally in oil prices was cut short as supply concerns continued to weigh on the commodity.
However there is the potential for CAD exchange rates to rebound later this afternoon, should Canada’s latest CPI figures reveal inflation rebounded in October.
GBP/AUD Exchange Rate Climbs as Iron Ore Prices Slide
The Pound Australian Dollar (GBP/AUD) exchange rate struck a one-week high on Thursday as the ‘Aussie’ was dented by a slump in iron ore prices as benchmark 62% fines slumped 2.5% to $72.18 a tonne.
GBP/NZD Exchange Rate Accelerates Amid Rising Concerns over Global Growth
The Pound New Zealand Dollar (GBP/NZD) exchange rate leapt over a cent yesterday as concerns over global growth and investor jitters weighed on the ‘Kiwi’.