Pound Sterling Exchange Rate Daily Update: GBP/USD Climbs as US Service Sector Slows

Pound Sterling (GBP) Exchange Rates Steady as May Announces Date of Brexit Vote

The Pound (GBP) traded in a narrow range on Monday as Theresa May confirmed a parliamentary vote on her Brexit deal would take place on 15 January.

On top of this the PM told the media that the she was still working on securing further assurances from the EU on the Irish backstop, hinting that progress had been made in last month’s European Council meeting.

May will meet with up to 200 MPs today to discuss their concerns regarding a no-deal Brexit, with Sterling possibly rising if the PM rules out such an outcome.

GBP/EUR Exchange Rate Subdued on Upbeat Eurozone Retail Figures

The Pound Euro (GBP/EUR) exchange rate edged lower yesterday as the single currency was supported by the publication of the Eurozone’s latest retail sales.

An upwards revision to the previous reading saw sales growth hold steady at 0.6% in November, easily beat forecasts of a slide to 0.2% and providing a small glimmer of hope after the recent run of gloomy data from the Eurozone.

However Tuesday could see the Euro fall back should Eurozone business confidence have retreated in December as forecast.

GBP/USD Exchange Rate Advances as PMI Data Disappoints

The Pound US Dollar (GBP/USD) exchange rate appreciated by roughly half a cent at the start of the week as markets reacted to the latest ISM non-manufacturing PMI.

The data revealed growth in the US service sector struck a five-month low last month, with the slowdown bolstering fears that the US economy may have peaked

This afternoons US job figures may help to ease these concerns however and allow USD to rally if the JOLTs job figures continue to paint a picture of a strong US labour market.

GBP/CAD Exchange Rate Steady as Ivey PMI Beats Forecasts

The Pound Canadian Dollar (GBP/CAD) exchange rate remained rangebound during yesterday’s session, with a surprise rise in Canadian business growth helping to offset the currency’s initial losses.

However the ‘Loonie’ may struggle to keep its head above water later this afternoon with the domestic trade deficit expected to have widened in November.

GBP/AUD Exchange Rate Stable as Trade Talks Begin

The Pound Australian Dollar (GBP/AUD) exchange rate remained flat throughout Monday, with the ‘Aussie’ holding steady as the latest round of trade talks between the US and China finally got underway.

GBP/NZD Exchange Rate Flat as Risk Appetite Muted

The Pound New Zealand Dollar (GBP/NZD) exchange rate also held in a narrow range at the start of the week as the ‘Kiwi’ was also impacted by the first formal US-China trade talks of 2019.

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