Best Exchange Rates

Sterling Rallies on Hopes of Brexit Progress as PM to Visit Brussels

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

Sterling

The Pound (GBP) tumbled against the majority of its peers yesterday following a report from the Institute of Fiscal Studies (IFS) suggesting that the UK faces two ‘lost decades’ of earnings growth.

However Sterling began to mount a recovery at the start of the European session this morning as investors appear slightly more upbeat ahead of Theresa May’s visit to Brussels for a European summit meeting.

While the summit will be mainly focused on Eastern Europe and the threat of Russia interference on domestic issues, May will also be holding a short meeting with European Council President Donald Tusk to discuss Brexit.

Euro

The Pound Euro (GBP EUR) exchange rate fell by around half a cent on Thursday as the IFS forecasts caused markets to sour on the pairing.

At the same time the appeal of single currency was bolstered yesterday following some impressive Eurozone PMI’s, with the bloc’s manufacturing sector showing a particularly strong rise in activity this month, reaching its highest levels in 17 years.

US Dollar

Sterling was able to hold relatively steady against the US Dollar (USD) yesterday as concerns over the IFS forecasts were offset by holiday thinned trade in the US.

USD investors also remained wary of the US currency on Thursday after the Federal Reserve’s minutes on Wednesday confirmed the bank’s cautious view on domestic inflation.

The ‘Greenback’ may be able to recoup some of the week’s losses later this afternoon however, with the release of the latest US manufacturing PMI as economists forecast that activity will have risen slightly this month.

Canadian Dollar

After initially tumbling yesterday morning the Pound Canadian Dollar (GBP CAD) exchange rate was able to rally in the afternoon, recoup almost all of the day’s losses as Canada’s retail sales growth failed to live up to expectations only showing a modest rise from -0.1% to 0.1% in September, well below forecasts that growth would reach 0.9%.

Australian Dollar

Sterling is mounting a notable recovery against the Australian Dollar (AUD) this morning, rallying over half a cent on hopes that Theresa May’s visit to Brussels will help to deliver some progress in Brexit negotiations.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate is making a tentative push higher this morning, with Sterling’s gains being tempered somewhat by New Zealand’s latest trade figures which showed that the trade deficit narrowed in October.

TorFX Author: TorFX

“Our company’s mission is to provide outstanding exchange rates, expert guidance and a simple, friendly service that people will want to recommend to others.” – Jon Beddell (CEO). Contact TorFX for an FX Quote – UK & Europe – Australia & NZ.

Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

BER Newsletter

Subscribe for the latest exchange rates, currency news and special offers directly to your inbox.

Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, AMP Tower, 50 Bridge Street, Sydney, NSW 2000, Australia

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.