Pound Sterling (GBP) Set to Bounce as UK GDP Accelerates
The Pound (GBP) was left to nurse its recent losses on Thursday, with Sterling left muted against the majority of its peers as political uncertainty in the UK continued to dampen GBP sentiment.
This was mostly driven by concerns regarding the state of the cross-party Brexit talks, with Jeremy Corbyn playing down recent reports of progress as he spoke of the difficulty of ‘negotiating with a disintegrating government’.
Nevertheless, the Pound could rally today with the UK’s GDP report expected to show that domestic growth surged from 0.2% to 0.5% in the first quarter of 2019.
GBP/EUR Exchange Rate Muted as Eurozone Trade Fears Mount
The Pound Euro (GBP/EUR) exchange rate was rangebound yesterday as a lull in Eurozone data left the single currency adrift throughout the session.
Further limiting movement in EUR were concerns that the US-China trade dispute could spill over into the Eurozone.
Meanwhile, the Euro may tick higher today after Germany’s latest trade figures reported that exports from the Eurozone’s largest economy bounced back in March.
GBP/USD Exchange Rate Steady as Trade Talks in Focus
The Pound US Dollar (GBP/USD) exchange rate was left in a holding positon throughout yesterday’s session, with investors reluctant to alter their positions in USD as US-China trade talks continued.
However, while the US ultimately pressed forward with its plans to hike tariffs, movement in USD has been relatively tame so far as markets await the response from Beijing.
In the sights for USD investors today will be the publication of the latest US CPI figures later this afternoon, with the US Dollar likely to extend its recent gains if domestic inflation ticked higher in April, as forecast.
GBP/CAD Exchange Rate Steady as Canadian Trade Deficit Expands
The Pound Canadian Dollar (GBP/CAD) exchange rate traded in a narrow range throughout Thursday’s session, with the ‘Loonie’ left muted after the domestic trade deficit unexpectedly expanded in March.
Coming up later today will be the release of Canada’s latest employment figures, which could give a leg up to CAD if employment expanded last month as forecast.
GBP/AUD Exchange Rate Rallies Following Dovish RBA Statement
The Pound Australian Dollar (GBP/AUD) exchange rate briefly fell close to a one-week low overnight on Thursday, before quickly rebounding as the Reserve Bank of Australia’s (RBA) quarterly statement saw the bank lower its growth and inflation forecasts for 2019.
GBP/NZD Exchange Rate Muted as Trade War Escalates
The Pound to New Zealand Dollar (GBP/NZD) exchange rate remained rangebound overnight on Thursday, with the ‘Kiwi’ holding its ground as markets await Beijing’s response to the US tariff hike.