Pound Sterling Exchange Rate Daily Update: GBP Slumps as Trump Lambasts Brexit Deal

Pound Sterling (GBP) Exchange Rates Stable as EU Approves Withdrawal Deal but Start to Slip Again Today

The Pound (GBP) was trading in a narrow range at the start of this week’s session after EU leaders finally signed off on the UK’s withdrawal deal over the weekend.

However, while markets welcomed the news it wasn’t enough to prompt Sterling to accelerate as the announcement was tempered by expectations that the deal is likely to be rejected by Parliament in a vote next month.

Sterling has been placed on the defensive again this morning however as US President Donald Trump warned the current Brexit plan could hurt UK-US trade.

GBP/EUR Exchange Rate Muted Following Draghi Speech

The Pound Euro (GBP/EUR) exchange rate was left to tread water yesterday as European Central Bank (ECB) President Mario Draghi commented on the recent slowdown in the Eurozone and warned that further stimulus would be needed.

This offset an uptick in the single currency earlier in the session as markets welcomed remarks from Italian Deputy PM Matteo Salvini who signalled that Rome may be open to altering its 2019 budget.

Meanwhile a lull in notable data could see the Euro remain rangebound throughout today’s session, unless further comments on the possibility of budget reconciliation begin to emerge from Italy.

GBP/USD Exchange Rate Firms as Risk Appetite Rebounds

The Pound US Dollar (GBP/USD) exchange rate edged higher on Monday as a rally in equites saw safe-haven demand diminish.

However these gains remained limited as markets retain a sense of wariness ahead of expected meeting between US President Donald Trump and Chinese President Xi Jinping on the side lines of the G20 Summit later this week.

Looking ahead USD investors will be focused on a speech by Federal Reserve Vice-Chair Richard Clarida this afternoon, as they look for any further hints that the Fed may plot fewer rate hikes in 2019.

GBP/CAD Exchange Rate Fluctuates as Recent Volatility Undermines Oil Prices Rally

The Pound Canadian Dollar (GBP/CAD) exchange rate fluctuated yesterday, with a rebound in oil prices failing to support the ‘Loonie’ as markets remain wary following last week’s rout which saw US crude prices almost break below $50 a barrel.

GBP/AUD Exchange Rate Losses Trimmed by Renewed Trade Concerns

The Pound Australian Dollar (GBP/AUD) exchange rate fell back overnight as Trump’s Brexit warning dampened Sterling sentiment, although the ‘Aussie’s gains were tempered somewhat by renewed trade tensions as the US president threatened to place further tariffs on China.

GBP/NZD Exchange Rate Slumps despite Weak NZ Trade Balance

The Pound New Zealand Dollar (GBP/NZD) exchange rate painted a similar picture to GBP/AUD overnight on Monday, although the ‘Kiwi’s gains were instead tempered by a weaker-than-expected domestic trade balance.

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