Pound Sterling (GBP) Buoyed by Cross-Party Talk Optimism
The Pound (GBP) got off to a robust start this week, drifting higher against the majority of its peers following its slide on Friday.
Spurring these gains were comments from UK Foreign Secretary Jeremy Hunt, who described the ongoing Brexit talks between the Conservatives and Labour as ‘constructive and detailed’.
Sterling may look to carry its momentum through to today’s session as well, if the UK’s latest employment figures show that domestic wage growth accelerated in February in line with forecasts.
GBP/EUR Exchange Rate Gains Ahead of Eurozone PMIs
The Pound Euro (GBP/EUR) exchange rate edged higher on Monday as the single currency was left directionless due to a lull in data.
EUR investors were likely left to focus on the upcoming Eurozone PMI, which could dent the Euro later this week if growth in the bloc’s private sector continued to underwhelm this month.
In the meantime, the Euro may be left on the back foot with the release of the Eurozone’s latest economic sentiment index as economists forecast confidence will have fallen sharply this month.
GBP/USD Exchange Rate Strengthens as Safe-Haven Demand Slips
The Pound US Dollar (GBP/USD) exchange rate accelerated yesterday, with the ‘Greenback’ struggling to hold its ground as it was undermined by the risk-on mood that washed over markets.
However helping to temper the US Dollar’s losses was the release of the Empire State Manufacturing index, where a stronger-than-expected reading indicated factory activity in New York State was robust this month.
Coming up today will be the publication of the latest US manufacturing production figures, where an expected uptick in production in March may lend some support to USD exchange rates.
GBP/CAD Exchange Rate Gains as Oil Prices Slip
Trade in the Pound Canadian Dollar (GBP/CAD) exchange rate accelerated on Monday, gaining as much as half a cent as the oil-sensitive ‘Loonie’ was pressured by an almost 1% drop in crude prices.
GBP/AUD Exchange Rate Rockets on Dovish RBA Minutes
The Pound Australian Dollar (GBP/AUD) exchange rate leapt by around a cent overnight on Monday after the ‘Aussie’ came under heavy pressure following the release of the minutes from the Reserve Bank of Australia recent meeting which indicated a rate cut could be on the cards if inflation and unemployment didn’t improve.
GBP/NZD Exchange Rate Jumps despite Risk-on Mood
The Pound New Zealand Dollar (GBP/NZD) exchange rate moved higher on Monday, with the pairing gaining around half a cent in spite of improved risk appetite lending some support to the ‘Kiwi’.
Potentially helping to buoy the ‘Kiwi’ later tonight will be the publication of New Zealand’s latest CPI figures, as economists forecast domestic inflation will have edged higher in the first quarter of 2019.