Pound (GBP) Subdued as Markets Reflect on Polling Data
After roaring higher on the back of the latest UK opinion polls, the Pound (GBP) found itself walking back some gains on Thursday.
This came as a number of analysts warned GBP investors of reading too much into a single poll, pointing out that a lot could happen in the two weeks left of the election campaign.
In the continued absence of any notable UK data releases, we can expect GBP exchange rates to remain highly sensitive to political developments heading into the weekend.
GBP/EUR Exchange Rate Losses Trimmed by Disappointing German CPI
The Pound Euro (GBP/EUR) exchange rate trended lower during yesterday’s session, but was able to avoid any significant losses in the wake of Germany’s disappointing Consumer Price Index.
This showed that inflation fell by 0.8% on a monthly basis in November, missing expectations for a more modest contraction of 0.6%.
There will another slew of Eurozone data to keep EUR investors on their toes today.
Two key releases will be Germany’s labour report, which is expected to show unemployment remained flat in November, and the Eurozone’s latest CPI.
GBP/USD Exchange Rate Static as US Markets Close for Thanksgiving
The Pound to US Dollar (GBP/USD) exchange rate was left mostly directionless on Thursday amid thin-trade in the ‘Greenback’ as US markets closed for the Thanksgiving holiday.
However the US Dollar wasn’t completely without support, with demand for the safe-haven currency buoyed by renewed tensions between the US and China.
With US data remaining thin on the ground market risk appetite will continue to dictate the direction of USD exchange rates today.
GBP/CAD Exchange Rate Flat as Oil Prices Stall
The Pound to Canadian Dollar (GBP/CAD) exchange rate traded in a narrow range yesterday, with the commodity-linked ‘Loonie’ struggling to find momentum as oil prices edged lower.
Coming up later this afternoon we have the publication of Canada’s quarterly GDP release, which could drag on CAD exchange rates as economists forecast growth will have slowed notably in the third quarter.
GBP/AUD Exchange Rate Rangebound Amid US-China Uncertainty
The Pound to Australian Dollar (GBP/AUD) exchange rate traded in a narrow range overnight on Thursday as demand for the ‘Aussie’ was tempered by concerns regarding a preliminary trade between the US and China.
GBP/NZD Exchange Rate Muted as Market Risk Appetite Weakens
The Pound to New Zealand Dollar (GBP/NZD) exchange rate also traded flatly overnight, with the ‘Kiwi’ struggling to find momentum amid a risk-off mood in markets.