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Pound Slides against its Peers as 2017 Begins

Categories: AUD, CAD, EUR, GBP, Markets, News, NZD, USD

Sterling

The Pound (GBP) has started 2017 off on a sour note, dropping against most of the majors as investors predict a challenging year for Sterling.
The gloomy outlook is of course due to Britain’s upcoming split from the EU, with ‘Brexit’ expected to formally begin when Theresa May triggers Article 50 of the Lisbon Treaty in March, causing huge market uncertainty over at least the next two years while negotiations take place.

Euro

The Pound Euro (EUR) exchange rate bucked the trend this morning however as growing concerns over the state of the Eurozone allowed Sterling to climb by around half a cent.
Traders are worried about potential political disruption in 2017 as rising populism across the continent threatens a number of key European elections this year, with both Holland and France being particularly concerning for investors.

US Dollar

‘Cable’ fell by around half a cent this morning as ‘Brexit’ woes weighed heavily on the Pound.
Most investors expect the UK economy to slow down in 2017 as rising inflation and January price hikes due to the low value of the Pound curb consumer spending.
Meanwhile Donald Trump’s ambitious infrastructure spending plans are likely to cause the US Dollar (USD) to climb after his inauguration at the end of the month.

Canadian Dollar

Sterling has fallen by around a cent against the Canadian Dollar (CAD) since the beginning of trading this week, reaching its lowest levels in almost two months as ‘Brexit’ concerns began to grow. The ‘Loonie’ was also bolstered by rising oil prices as the OPEC agreement to curb global oil production finally kicked in at the start of the year, although there is still some scepticism over whether the cuts will have any noticeable impact on the global surplus.

Australian Dollar

The Pound also fell by around a cent against the Australian Dollar (AUD) this morning as the ‘Aussie’ was strengthened by a better than expected Manufacturing PMI as it rose from 54.2 to 55.4 in December against forecasts it would slide to 52.2.

New Zealand Dollar

The GBP NZD exchange rate fell by over a cent yesterday as a drop in ‘Brexit’ sentiment weighed on the Pound, with today’s dairy auction likely to cause the New Zealand Dollar (NZD) to rise further if prices rise as expected.

TorFX Author: TorFX

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