Pound Sterling Exchange Rate Daily Update: GBP/EUR Jumps as ECB Continues to Sing the Same Old Tune in 2019

Pound Sterling (GBP) Exchange Rates Surge as DUP Backs Brexit Deal

The Pound (GBP) lacked momentum throughout much of Thursday’s session, falling back against many of its peers amidst a lull in Brexit headlines to help drive fresh impetus.

Eventually these headlines did appear, with Sterling surging in the evening on reports the Democratic Unionist Party (DUP) would now back Theresa May’s Brexit deal.

However the release of the Confederation of British Industry’s (CBI) latest distributive trades index may offer some impetus for movement outside of Brexit today, with a rebound in retail activity in January potentially providing some support for GBP exchange rates.

GBP/EUR Exchange Rate Steady as ECB Leaves Rates on Hold

The Pound Euro (GBP/EUR) exchange rate continued its advance yesterday as the European Central Bank (ECB) left rates on hold and maintained its forward guidance following its first policy meeting of 2019.

This followed the release of the latest Eurozone PMI figures earlier in the session which dampened EUR sentiment as the bloc’s private sector was shown to be dangerously close to stagnation.

Looking ahead, the Euro may remain on the defensive in Friday’s session as well if German business sentiment continued to slide in January as forecast.

GBP/USD Exchange Rate Dips as Risk Sentiment Weakens

The Pound US Dollar (GBP/USD) exchange rate initially retreated from a two-month high on Thursday, with demand for the safe-haven ‘Greenback’ climbing in the wake of the ECB’s rate decision.

Providing further upward momentum to USD exchange rates was a sharp drop in the latest US unemployment claims, as they fell below the 200,000 mark for the first time since 1969.

While there’s no US data of note set for release today, we may still see some movement in the US Dollar if the day’s events alter market risk appetite.

GBP/CAD Exchange Rate Slips as US Oil Rallies

The Pound Canadian Dollar (GBP/CAD) exchange rate stumbled through the European session yesterday, with the ‘Loonie’ riding higher on the back of a modest rise in US oil prices as well as broad weakness in Sterling.

GBP/AUD Exchange Rate Soars on RBA Rate Cut Speculation

The Pound Australian Dollar (GBP/AUD) exchange rate climbed around a cent yesterday, striking a new three-month high as the ‘Aussie’ was undermined by speculation that the Reserve Bank of Australia may cut interest rates later this year.

GBP/NZD Exchange Rate Jumps as Risk Appetite Slumps

The Pound New Zealand Dollar (GBP/NZD) exchange rate also leapt higher on Thursday, with the ‘Kiwi’ finding limited support as renewed US-China trade concerns dented market risk appetite.

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