Pound Sterling (GBP) Exchange Rates Weaken as Retail Sales Contract
After soaring higher early overnight on Thursday, the Pound (GBP) fell back during Friday’s session following the release of the UK’s latest retail sales figures.
According to the Office for National Statistics, UK sales slumped from 1.3% to -0.9% in December as shopping habits continue to shift, with most consumers spending big in November to take advantage of the Black Friday sales.
The start of this week’s session is likely to see the focus shift back to Brexit as UK Prime Minister Theresa May discusses her government’s next steps in a speech to Parliament later today.
GBP/EUR Exchange Rate Slides despite Eurozone Growth Concerns
The Pound Euro (GBP/EUR) exchange rate fell roughly 0.4% at the end of last week despite broad weakness in the single currency.
This came as the Euro continued to wrestle with concerns regarding a slowdown in the Eurozone, after a string of lacklustre data in recent weeks.
EUR investors are likely to remain wary at the start of this week’s session as well, with markets bracing for the European Central Bank‘s first policy meeting of the year.
GBP/USD Exchange Rate Slumps Following Jump in USD Demand
The Pound US Dollar (GBP/USD) exchange rate fell by almost a cent at the end of last week’s session, amid broad gains in the ‘Greenback’.
This comes despite some weak economic indicators from the US on Friday afternoon, with US consumer confidence shown to have slumped to a two-year low in January.
However any upside to the US Dollar may be limited at the start of this week’s session if concerns over the impact of the US government shutdown continue to mount.
GBP/CAD Exchange Rate Tumbles as Canadian Inflation Jumps
The Pound Canadian Dollar (GBP/CAD) exchange rate was met by heavy losses on Friday, as the ‘Loonie’ was bolstered by a stronger-than-expected domestic inflation reading, as well as a sizable jump in oil prices.
GBP/AUD Exchange Rate Muted as Chinese Growth Slips
The Pound Australian Dollar (GBP/AUD) exchange rate is trading in a narrow range at the start of this week’s session, with demand for the ‘Aussie’ being capped as China’s GDP was revealed to have fallen to a 28-year low in 2018.
GBP/NZD Exchange Rate Steady amid Global Growth Concerns
The Pound New Zealand Dollar (GBP/NZD) exchange rate is also rangebound this morning, with the appeal of the ‘Kiwi’ being dampened as China’s lacklustre GDP figures stoke concerns that global economic growth is slowing.