Pound Sterling (GBP) Stable as Investors take a Break from Worrying about Brexit
The Pound (GBP) was mostly steady at the end of last week, holding its ground against its peers after another week full of Brexit developments
Also helping to keep Sterling stable on Friday were some upbeat comments from Chancellor Philip Hammond, who said the UK will enjoy a significant increase in investment once Brexit is resolved.
Looking ahead, we may see UK data begin to impact Sterling again this week, starting with a possible upswing on Tuesday if UK wage growth accelerated in line with forecasts in February.
GBP/EUR Exchange Rate Mixed as Eurozone Industrial Data Beats Forecasts
The Pound Euro (GBP/EUR) exchange rate closed Friday’s session almost unchanged from its opening levels after the single currency was forced to relinquish its initial gains.
This brief upswing in the Euro appeared to be driven by some stronger-than-expected industrial production figures from the Eurozone, which helped to temper fears of a sustained slowdown in the bloc this year.
Meanwhile the absence of any notable Eurozone data at the start of this week could leave the Euro slightly directionless.
GBP/USD Exchange Rate Accelerates as Safe Haven Demand Falters
The Pound US Dollar (GBP/USD) exchange rate roared higher at the end of last week’s session, with the pairing jumping almost half a cent as demand for the safe haven US Dollar was undermined by rising risk appetite.
Further denting the appeal of USD was the release of the latest US consumer sentiment figures as confidence fell for the first time in three months in April.
Coming up today is the release of the latest New York manufacturing index, which may help to buoy the US Dollar if growth in the manufacturing sector is shown to have picked back up in April.
GBP/CAD Exchange Rate Fluctuates as Oil Prices Surges
The Pound Canadian Dollar (GBP/CAD) exchange rate traded in a wide range at the end of last week, initially falling as the oil-sensitive ‘Loonie’ was boosted by a sharp upswing in crude prices, before rallying again by the afternoon
GBP/AUD Exchange Rate Plummets as Risk-Appetite Surges
The Pound Australian Dollar (GBP/AUD) exchange rate fell close to a two-month low at the end of last week, as the ‘Aussie’ was turbo charged by a surge in market risk appetite.
GBP/NZD Exchange Rate Slides as Risk Sentiment Improves
The Pound New Zealand Dollar (GBP/NZD) exchange rate also fell heavily on Friday, shedding nearly a cent as improved risk-sentiment saw investors flock to the ‘Kiwi’.