Pound Exchange Rates Daily Update: Markets Volatile as Global Trade Tensions Escalate

Pound Sterling (GBP) Mixed as Cross-Party Talks Show No Sign of Progress

Trade in the Pound (GBP) was mixed yesterday, with the UK currency climbing against some of its weaker peers, but struggling to find its own momentum as cross-party Brexit talks remained at an impasse.

Further denting Sterling sentiment were suggestions that the talks could even collapse this week, unless Theresa May is willing to give up some of her so-called red lines.

Coming up today we have the publication of the UK’s latest employment figures, which could see Sterling lose some ground if domestic wage growth slowed in March as forecast.

GBP/EUR Exchange Rate Steady as Analysts Warn of EU Election Risk

The Pound Euro (GBP/EUR) exchange rate remained flat throughout Monday’s session, with the single currency left muted as analysts warned of impending risks to the Eurozone.

This was mostly centred on the upcoming EU elections, where a strong showing for Eurosceptic parties could shake confidence in the stability of the Eurozone.

In focus for EUR investors today will be latest ZEW economic sentiment index for the Eurozone, with the Euro potentially enjoying some modest support if sentiment remained positive in May.

GBP/USD Exchange Rate Weakens as US-China Trade Dispute Heats Up

The Pound US Dollar (GBP/USD) exchange rate drifted lower at the start of this week, with the US currency gaining after Beijing hit back at the US over its recent decision to hike tariffs against China.

In its official statement China’s Ministry of Finance announced it would hike tariffs on over 4,000 US products and that it could stop buying US agricultural goods altogether.

Looking ahead, we are likely to see movement in the US Dollar today continue to be driven by any further developments in the US-China trade dispute.

GBP/CAD Exchange Rate Climbs despite Surge in Oil Prices

While crude prices may have surged over 2% on Monday after an attack on two Saudi oil tankers, the Pound Canadian Dollar (GBP/CAD) exchange rate still pushed higher, as the a general sense of caution in currency markets left the oil-sensitive ‘Loonie’ out in the cold.

GBP/AUD Exchange Rate Surges as Risk-off Mood Prevails

The Pound Australian Dollar (GBP/AUD) exchange rate shot higher yesterday, climbing around a cent as the risk-sensitive ‘Aussie’ was ditched by jittery traders as Beijing retaliated to the US tariff hike.

GBP/NZD Exchange Rate Gains as China Hits Back in Trade Dispute

The Pound to New Zealand Dollar (GBP/NZD) exchange rate strengthened throughout the European session on Monday, with the ‘Kiwi’ coming under pressure as investors flocked to safe-haven currencies as US-China trade tensions began to heat up.

Matthew Andrews

Contact Matthew Andrews