Pound Sterling (GBP) Rebounds as MPs Plot to Block No-Deal Brexit
The Pound (GBP) opened this week’s session on a strong footing, recouping some of Friday’s losses on the back of reports that MPs are looking at ways to block a no-deal Brexit.
This comes as Labour claimed it is in talks with other parties regarding a vote of no-confidence in Boris Johnson, whilst other reports suggest a number of MPs are looking at ways to compel the PM to ask for another Brexit extension from the EU.
Potentially maintaining the upward momentum in the Pound this morning will be the release of the UK’s latest employment figures, as economists forecast wage growth spiked in June.
GBP/EUR Exchange Rate Bolstered by Italian Political Uncertainty
The Pound to Euro (GBP/EUR) exchange rate leapt on Monday amid growing concerns over Italy’s political turmoil.
With the fragile ruling coalition looking destined to collapse, the question turns to whether the country will face fresh elections or whether a new government can be formed by a different combination of parties.
Looking ahead, we may see the Euro remain on the back foot today as analysts forecast ZEW’s economic sentiment index will reveal that confidence in the Eurozone continued deteriorating in August.
GBP/USD Exchange Rate Climbs as US-China Trade Tensions Rise
The Pound to US Dollar (GBP/USD) exchange rate strengthened yesterday, with the pairing climbing over half a cent amidst concerns over US-China trade tensions.
Markets are growing increasingly concerned that the trade dispute is beginning to take its toll on the US economy, and there are fears this could force the Federal Reserve to respond with additional rate cuts.
In focus for USD investors today will be the latest US CPI figures, which could help to buoy the US Dollar this afternoon if domestic inflation accelerated in July as forecast.
GBP/CAD Exchange Rate Jumps as Oil Prices Slip Again
The Pound to Canadian Dollar (GBP/CAD) exchange rate climbed around a cent on Monday as the continued downtrend in crude prices limited the appeal of the oil-sensitive ‘Loonie’.
GBP/AUD Exchange Rate Skyrockets as Risk Sentiment Sours
The Pound Australian Dollar (GBP/AUD) exchange rate roared higher yesterday, with the pairing climbing around 1% as US-China trade tensions and the Hong Kong protests created a risk-off mood.
GBP/NZD Exchange Rate Rallies on Trade War Fears
The Pound to New Zealand Dollar (GBP/NZD) exchange rate also shot higher on Monday, with the pairing holding on to the majority of its gains overnight as US-China trade concerns weakened market risk appetite.