Pound Sterling (GBP) Strengthens as Jacob Rees-Mogg Backs PM’s Brexit Deal
The Pound (GBP) crept higher against the majority of its peers on Monday, rising in the earlier afternoon as prominent Brexiteer Jacob Rees-Mogg indicated he would back Theresa May’s Brexit deal.
This helped to revive hopes that the PM will be able to pass her Brexit deal, although the upside in Sterling proved limited as it emerged the DUP still remained opposed.
Parliament is set to hold a number of indicative votes later this evening, likely provoking further volatility in the Pound dependant on the outcome.
GBP/EUR Exchange Rate Climbs as German Consumer Confidence Sinks
The Pound Euro (GBP/EUR) exchange rate was the strongest performing Sterling pairing yesterday, after the single currency was dented by the latest German consumer confidence index.
The latest reading revealed that sentiment unexpectedly deteriorated in March, with German consumers apparently unnerved by the clear slowing of economic activity in recent months.
Meanwhile the Euro may remain subdued throughout the start of today’s session following a speech by European Central Bank (ECB) President Mario Draghi in which he noted that risks to the outlook remain tilted to the downside.
GBP/USD Exchange Rate Buoyed by Sharp Fall in US Consumer Confidence
The Pound US Dollar (GBP/USD) exchange rate made some tentative gains in Tuesday, as the ‘Greenback’ was also knocked by a fall in consumer confidence.
US consumer sentiment was reported to have fallen sharply this month, and while sentiment still remained in positive territory, the drop did little to assuage concerns that US economic growth is slowing.
Coming up later today will be the release of the latest US trade figures, with the US Dollar likely to weaken if the trade deficit remains close to a decade-high.
GBP/CAD Exchange Rate Steady as Oil Prices Rebound
The Pound Canadian Dollar (GBP/CAD) exchange rate was trading in a neutral range yesterday, with the ‘Loonie’ able to see off Sterling’s attempts to advance as it was buoyed by a 2% jump in US oil prices.
Potentially lending some support to CAD exchange rates this afternoon will be the release of Canada’s latest trade figures as economists forecast the national trade deficit will have narrowed in January.
GBP/AUD Exchange Rate Slides as Commodity Prices Rise
The Pound Australian Dollar (GBP/AUD) exchange rate lost ground yesterday as the ‘Aussie’ found support thanks to an uptick in commodity prices.
GBP/NZD Exchange Rate Soars as RBNZ Warns of Rate Cuts
The Pound New Zealand Dollar (GBP/NZD) exchange rate surged overnight on Tuesday, rocketing up almost three cents in the wake of the Reserve Bank of New Zealand’s (RBNZ) latest policy decision in which it warned that a weaker global economic outlook will likely result in the bank cutting interest rates.