Pound (GBP) Mixed as UK Services PMI Beats Estimates
Trade in the Pound (GBP) was mixed on Tuesday, with the release of the UK’s latest services PMI failing to offer much direction to the currency.
While the PMI printed above expectations, it still revealed that growth in the vital services sector stagnated in October as Brexit uncertainty continued to take its toll.
UK politics will be back in focus today, as the dissolution of parliament marks the official start of the five-week election campaign.
GBP/EUR Exchange Rate Jumps on Broad Euro Weakness
The Pound Euro (GBP/EUR) exchange rate shot higher yesterday as the single currency suffered from a broad sell-off.
This came as a result of continued USD strength as well as persistent concerns about the Eurozone’s fragile economic outlook.
Looking ahead, the Euro may remain under fire today as data is expected to show retail sales growth in the Eurozone slowed in September.
GBP/USD Exchange Rate Muted as US Service Sector Rebounds
The Pound to US Dollar (GBP/USD) exchange rate was placed on the defensive yesterday in response to the latest ISM non-manufacturing PMI.
The index revealed growth in the US service sector rebounded faster than expected last month, having struck a three-year low in September.
On the docket today we have a series of speeches by Federal Reserve policymakers. The US Dollar could give up some of its gains if policymakers maintain a cautious outlook.
GBP/CAD Exchange Rate Undermined by Rising Oil Prices
The Pound to Canadian Dollar (GBP/CAD) exchange rate edged lower on Tuesday as a 1% rise in Brent crude helped to boost the appeal of the oil-sensitive ‘Loonie’.
GBP/AUD Exchange Rate Steady amid Cautious Trade
Having rebounded from the three-week low struck early on Tuesday, the Pound to Australian Dollar (GBP/AUD) exchange rate traded in a narrow range overnight, with the ‘Aussie’ struggling to find support as a cautious mood prevailed.
GBP/NZD Exchange Rate Jumps as NZ Unemployment Soars
The Pound to New Zealand Dollar (GBP/NZD) exchange rate climbed around half a cent overnight as the ‘Kiwi’ was undermined by a weak domestic employment report.
Unemployment rose faster than expected in the third quarter, with analysts warning the downbeat data increases the odds of the Reserve Bank of New Zealand cutting interest rates again later this month.