Pound Exchange Rates Daily Update: GBP Slumps on Lack of Progress in Cross-Party Talks

Pound Sterling (GBP) Weakened by Brexit Uncertainties

Ongoing Brexit uncertainty exerted downward pressure on the Pound (GBP) yesterday as cross-party talks between the Conservatives and Labour failed to provide any breakthroughs.

Further weighing on Sterling were reports that the UK could be facing a protracted Brexit delay, something that would leave the uncertainty hanging over the UK currency for even longer.

Expected Brexit to continue to dominate sentiment today as well, as Theresa May and Jeremy Corbyn meet for another round of Brexit talks.

GBP/EUR Exchange Rate Losses Capped as German Factory Orders Plummet

Trade in the Pound Euro (GBP/EUR) exchange rate stumbled on Thursday, but was prevented from falling too heavily after some gloomy data from Germany spooked many EUR investors.

This came after German factory orders were reported to have slumped 4.2% in February, the largest monthly fall in two years, stoking fears of a prolonged slowdown in the European powerhouse.

However the release of some stronger-than-expected industrial production figures from Germany this morning may help to alleviate some of these concerns and provide some support to the Euro throughout today’s session.

GBP/USD Exchange Rate Slides as US Jobless Claims Tumble

The Pound US Dollar (GBP/USD) exchange rate fell back yesterday, with Sterling finding itself a victim of the rising demand for the ‘Greenback’.

This upswing in the US Dollar appeared to be partly driven by domestic data which revealed US initial jobless claims dropped to their lowest levels since 1969.

In the spotlight today will be the latest US non-farm payroll figures, which will be a key focus for USD investors after payrolls rose by just 20,000 in February.

GBP/CAD Exchange Rate Flat Ahead of Canadian Jobs Report

The Pound Canadian Dollar (GBP/CAD) exchange rate was mostly rangebound on Thursday as the ‘Loonie’ struggled to find momentum as oil prices remained flat.

This left the focus on today’s employment figures, something that may drag on CAD exchange rates this afternoon as employment growth is forecast to have come to a halt last month, with Canada’s workforce only expected to have expanded by just 1,000.

GBP/AUD Exchange Rate Dented by US-China Trade Optimism

The Pound Australian Dollar (GBP/AUD) exchange rate fell by around half a cent yesterday, with the ‘Aussie’ pushing higher on a wave of risk-appetite following reports the US and China may be close to signing off on a trade deal.

GBP/NZD Exchange Rate Stumbles on Rising Risk Appetite

The Pound New Zealand Dollar (GBP/NZD) exchange rate also fell back on Thursday, with rising commodity prices and improving risk appetite helping to lift Sterling

Matthew Andrews

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