Pound (GBP) Muted on Soft UK Retail Sales
Pound Sterling (GBP) was left adrift on Thursday as the UK recorded a surprise slump in domestic retail sales.
Robust sales growth has helped to keep the UK economy afloat in recent months, so the fall in sales unsurprisingly stoked some concern amongst GBP investors.
Also limiting demand for the Pound was ongoing political uncertainty in the UK, with election speculation expected to remain a drag on Sterling heading in to the weekend.
GBP/EUR Exchange Rate Steady as German Outlook Remains Bleak
The Pound Euro (GBP/EUR) exchange rate was mostly rangebound yesterday in the wake of Germany’s long-awaited third quarter GDP figures.
While Germany surprised everyone by avoiding a recession this year, the single currency only found modest support as analysts warned that the powerhouse economy was likely to remain in a patchy state going into 2020.
Coming up today we have the latest Eurozone CPI figures, with any upside in the Euro likely to remain limited as they confirm inflation in the bloc slowed to a near three-year low.
GBP/USD Exchange Rate Flat as US Yields Slide
The Pound to US Dollar (GBP/USD) exchange rate trended higher on Thursday, with the ‘Greenback’ facing broad losses as a result of lower US treasury yields.
USD exchange rates were further dented by weakened safe-haven demand after China lifted restrictions on US poultry imports, bolstering hopes for a US-China trade deal.
In the spotlight today will be the latest US retail sales figures, with the US Dollar poised to rally if sales growth rebounds in line with expectations.
GBP/CAD Exchange Rate Steady in Spite of Bullish Oil Prices
The Pound to Canadian Dollar (GBP/CAD) exchange rate traded in a narrow range yesterday as a risk-off mood saw investors reluctant to support the commodity-correlated ‘Loonie’ in spite of oil prices rallying above $63 a barrel.
GBP/AUD Exchange Rate Slips amid US-China Trade Optimism
The Pound to Australian Dollar (GBP/AUD) exchange rate retreated from a three-week high overnight on Thursday as the ‘Aussie’ was buoyed by renewed US-China trade optimism.
GBP/NZD Exchange Rate Recovery Trimmed by Positive NZ Business PMI
The Pound to New Zealand Dollar (GBP/NZD) exchange rate mounted a sizable recovery on Thursday, but found these gains trimmed overnight as New Zealand’s latest business PMI showed a surprise return to growth in October.