Pound Sterling (GBP) Struggles as Brexit Uncertainty Persists
The Pound (GBP) was left on an unsure footing at the start of this week’s session, with investors shying away as markets braced for anther busy week full of Brexit uncertainty.
This comes ahead of a key EU summit on Wednesday, where leaders will decide whether to grant the Theresa May’s request for another Brexit delay.
Ahead of the summit May will travel to Berlin and Paris later today, where she will meet with Angela Merkel and Emmanuel Macron respectively to ask for their support in securing a short extension to Brexit from the rest of the EU.
GBP/EUR Exchange Rate Slides despite Fall in German Exports
The Pound Euro (GBP/EUR) exchange rate fell back on Monday, dipping nearly half a cent amidst a broad rally in the single currency.
This comes is spite of some tepid German trade data at the start of the session which revealed a larger-than-expected contraction in both exports and imports in February.
Looking ahead, the Euro may struggle today after US President Trump threatened to impose $11bn worth of tariffs on EU goods.
GBP/USD Exchange Rate Steady as US Factory Orders Contract
The Pound US Dollar (GBP/USD) exchange rate remained stable yesterday, as USD investors digested the latest US factory figures.
After stagnating at the start of the year US factory orders were shown to have contracted in February, albeit slightly less than expected.
Next up will be the JOLTs job opening figures this afternoon, with the US Dollar potentially enjoying some support if job advertisements remained near record levels in February.
GBP/CAD Exchange Rate Dips as Oil Hits $70 a Barrel
The Pound Canadian Dollar (GBP/CAD) exchange rate fell around half a cent on Monday with the oil-sensitive ‘Loonie’ boosted as Brent crude pushed above $70 a barrel for the first time in 2019 amid concerns over further supply disruption in Libya and elsewhere.
GBP/AUD Exchange Rate Flat amid Fresh US Tariff Fears
The Pound Australian Dollar (GBP/AUD) exchange rate held in a narrow range overnight on Monday as Donald Trump’s threat to impose tariffs on EU goods reignited trade war fears.
GBP/NZD Exchange Rate Muted as Risk Appetite Weakens
The Pound New Zealand Dollar (GBP/NZD) exchange rate also remained subdued last night as market risk appetite was dented by Trump’s tariff announcement.