Pound Exchange Rates Daily Update: GBP/USD Nosedives as Brexit and Trade Jitters Grow

Pound Sterling (GBP) Tumbles as Brexit Jitters Grow

The Pound (GBP) weakened across the board on Wednesday as the UK currency was pressured by fresh Brexit angst.

Driving the negativity in Sterling sentiment were reports that cross-party talks were close to collapse, much to the disappointment of GBP investors who appeared hopeful of a deal just last week.

Analysts suggest that today could see the talks effectively killed off as the Labour party launches its EU election manifesto. As it does so it will need to outline its official stance on Brexit, something which would be difficult if it remains in talks with the government.

GBP/EUR Exchange Rate Sinks as German Industrial Data Impresses

The Pound Euro (GBP/EUR) exchange rate tumbled over half a cent yesterday, with the pairing coming close to erasing all of last week’s gains in the wake of some upbeat German data.

EUR investors were pleasantly surprised on Wednesday after German industrial production was reported to have expanded for a second consecutive month in March. This bolstered hopes that next week’s GDP figures could bring a welcome rebound in growth.

However the Euro may struggle to maintain its momentum today, with a lull in notable data likely to leave the single currency vulnerable to external movement for the remainder of the week.

GBP/USD Exchange Rate Plummets as Trade War Fears Grow

The Pound US Dollar (GBP/USD) exchange rate fell heavily on Wednesday as investors continued to flock to the safe-haven US currency amidst concerns of escalating US-China trade tensions.

While US President Donald Trump offered some relief to investors yesterday as he tweeted that Chinese Vice-Premier Liu Hi was heading to Washington to ‘make a deal’, the mood in markets remained broadly risk-off.

Looking ahead to today’s session, the current US-China trade tensions are likely to colour the reaction to the latest US trade figures, with another rise in the domestic trade deficit potentially giving more ammunition to Trump in his war of words with Beijing.

GBP/CAD Exchange Rate Weakens despite Trade Woes

The Pound Canadian Dollar (GBP/CAD) exchange rate slumped almost a cent yesterday, with broad weakness in Sterling allowing the ‘Loonie’ to advance in spite of trade worries and tumbling oil prices weighing on CAD in wider markets.

GBP/AUD Exchange Rate Rallies as Trade Talks Resume

After falling throughout Wednesday’s session, the Pound Australian Dollar (GBP/AUD) exchange rate bounced back overnight as nervous investors sold the risk-sensitive ‘Aussie’ on trade fears.

GBP/NZD Exchange Rate Climbs as Markets Remain Risk-Off

The Pound to New Zealand Dollar (GBP/NZD) exchange rate also rallied overnight on Wednesday as a risk-off mood forced the ‘Kiwi’ to relinquish its gains against Sterling.

Matthew Andrews

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