Pound (GBP) Slides Following BoE’s Dovish Rate Decision
The Pound (GBP) remained on the defensive through yesterday’s session as the Bank of England’s (BoE) final policy meeting saw the BoE leave rates on hold but indicate a rate cut may be on the table for 2020.
This came on the back of the UK’s retail sales figures, which put some pressure on Sterling through the first half of the session following a shock contraction in sales growth last month.
Closing out what has been an extremely busy week for GBP investors will be the vote on Boris Johnson’s EU Withdrawal bill later today.
While the passing of the bill will provide some near-term clarity over Brexit, any upside in Sterling could be limited by the inclusion of a clause blocking any extension to the transition period.
GBP/EUR Exchange Rate Maintains Downward Trajectory
The Pound Euro (GBP/EUR) exchange rate continued to drift further away from its post-election highs yesterday, amid widespread weakness in Sterling.
However the single currency struggled to replicate this success in broader trade, with the absence of any notable data leaving the Euro directionless.
Coming up today, the publication of the Eurozone’s latest consumer confidence figures may offer some support to the Euro as economists forecast a modest improvement in household sentiment in December.
GBP/USD Exchange Rate Refreshes Two-Week Low
The Pound to US Dollar (GBP/USD) exchange rate was sent lower yesterday in spite of some underwhelming US data.
This saw the Philadelphia manufacturing index come in below expectations this month, with factory growth in the region slowing sharply in December.
Looking ahead, the US Dollar is likely to be buoyed through today’s session, with the latest US GDP figures expected to confirm domestic growth accelerated in the third quarter.
GBP/CAD Exchange Rate Slides as Oil Prices Accelerate
The Pound to Canadian Dollar (GBP/CAD) exchange rate fell around half a cent on Thursday as the commodity-linked ‘Loonie’ was bolstered by an uptick in oil prices, with Brent crude touching $66 a barrel.
This uptrend in CAD exchange rates may persist through to the end of the week if Canadian retail sales are reported to have rebounded in October later this afternoon.
GBP/AUD Exchange Rate Tumbles on Strong Employment Figures
The Pound to Australian Dollar (GBP/AUD) exchange rate tumbled to one-month low on Thursday, with the ‘Aussie’ able to press its advantage against a weakened Sterling on the back of Australia’s upbeat jobs report.
GBP/NZD Exchange Rate Nosedives to Two-Month Low
The Pound to New Zealand Dollar (GBP/NZD) exchange rate plummeted almost two-cents yesterday as the ‘Kiwi’ remained buoyed by a solid GDP figures.