Pound Exchange Rates Daily Update: GBP Steadies as Brexit Jitters Subside

Pound Sterling (GBP) Steady as Markets Assess Brexit Delay

The Pound (GBP) traded in a narrow range against the majority of its peers yesterday as markets paused to take stock of the recent developments in Brexit.

While the extra extension was welcomed for preventing a no-deal Brexit this week, any further upside in Sterling proved limited as observers feared the prolonged uncertainty would continue to hinder the UK economy.

In the absence of any notable UK data releases today expect to see GBP investors remain focused on Brexit as they continue to speculation on the potential impact the six-month delay could have on the economy.

GBP/EUR Exchange Rate Flat as Data Confirms Slowdown in German Inflation

The Pound Euro (GBP/EUR) exchange rate was mostly rangebound throughout Thursday as Germany’s latest CPI reading confirmed that inflation slowed to 1.3% in March.

While the result had been expected following a preliminary reading, the confirmation that price growth in the Eurozone’s largest economy had struck an 11-month low still stung the single currency as it reinforced concerns the Eurozone is facing prolonged slowdown in 2019.

Looking ahead, the Euro may struggle to find support again today following the release of the Eurozone’s latest industrial figures as economists forecast industrial production in the bloc will have contracted in February.

GBP/USD Exchange Rate Dampened by Cautious trade

The Pound US Dollar (GBP/USD) edged lower yesterday as a subdued Sterling failed to hold its ground against a stronger ‘Greenback’.

This modest upswing in USD exchange rates appeared to be fuelled by some broad uncertainty in markets yesterday on the back of a cautious outlook from the IMF ahead of the fund’s spring meeting with the World Bank.

Coming up in today’s session will be the release of the latest US consumer sentiment figures, with a modest fall in domestic confidence likely to limit the appeal of the US Dollar.

GBP/CAD Exchange Rate Buoyed by Dip in Crude Prices

The Pound Canadian Dollar (GBP/CAD) exchange rate drifted higher on Thursday, with the oil-sensitive ‘Loonie’ coming under pressure as oil prices slipped due to rising US crude inventories.

GBP/AUD Exchange Rate Jumps as Risk Appetite Slumps

The Pound Australian Dollar (GBP/AUD) exchange rate leapt higher on Thursday, climbing around half a cent as market risk appetite was dented by the IMF’s growth warning and a resurgent US Dollar.

GBP/NZD Exchange Rate Accelerates as Risk Sentiment Slides

The Pound New Zealand Dollar (GBP/NZD) exchange rate also leapt higher yesterday, with the ‘Kiwi’ also coming under pressure due to the drop in market risk appetite.

Matthew Andrews

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