Pound Sterling Exchange Rate Daily Update: GBP Bolstered by Upbeat UK Employment Figures

Pound Sterling (GBP) Exchange Rates Bolstered by Strong UK Labour Figures

The Pound (GBP) appreciated against the majority of its peers yesterday as markets cheered the release of the UK’s latest labour figures.

Data published by the Office for National Statistics (ONS) revealed unemployment fell back to 4% in November, with an accompanying rise in wage growth over the same period painting an upbeat picture of the UK’s jobs market.

Barring any notable Brexit development, the release of the Confederation of British Industry’s (CBI) industrial orders figures may drag on the Pound this morning if order growth continued to slow in January as expected.

GBP/EUR Exchange Rate Gains as Eurozone Economic Outlook Remains Gloomy

The Pound Euro (GBP/EUR) exchange rate rose around 0.4% on Tuesday as a downbeat outlook for the Eurozone left the single currency on the defensive.

While the ZEW economic sentiment index showed a slight improvement in January, most economists remained bearish in their outlook for the bloc.

The Euro may remain under pressure today as well, if the Eurozone’s latest consumer confidence figures paint an equally gloomy picture.

GBP/USD Exchange Rate Climbs as US Home Sales Tumble

The Pound US Dollar (GBP/USD) exchange rate struck higher yesterday after the US reported existing home sales contracted 6.4% in December, resulting in sales striking a three-year low.

However the ‘Greenback’s losses were tempered somewhat as the safe-haven currency continued to find support from increasingly nervous investors and a slide in risk appetite.

With the US government shutdown still limiting the release of major US data, any movement in the US Dollar today is likely to continue to be driven by market risk sentiment.

GBP/CAD Exchange Rate Jumps as Oil Price Slides

The Pound Canadian Dollar (GBP/CAD) exchange rate jumped around a cent on Tuesday, with movement in the oil market continuing to dictate the direction of the ‘Loonie’ as a 2% drop in Brent crude dragged CAD lower.

The Canadian Dollar may extend these losses during today’s session as well as economists forecast domestic retail sales will have contracted in November, despite the lure of Black Friday sales.

GBP/AUD Exchange Rate Jumps as Global Growth Concerns Flare

The Pound Australian Dollar (GBP/AUD) exchange rate continued to surge higher yesterday as markets shunned the risk-sensitive ‘Aussie’ in light of renewed concerns over slowing global growth.

GBP/NZD Exchange Rate Sinks as New Zealand Inflation Beats Expectations

After soaring higher during the European session on Tuesday, the Pound New Zealand Dollar (GBP/NZD) exchange rate fell back overnight following the release of New Zealand’s latest CPI figures as inflation came in higher than expected in the fourth quarter.

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