The Pound (GBP) rebounded against the other majors on Monday as the currency found its feet again as the political uncertainty of the previous week began to subside.
However, Sterling slipped again yesterday evening following a speech by Theresa May as the Prime Minister outlined her plans for Brexit, including what will happen in the event of a ‘no deal’ situation.
Meanwhile, the Pound could push higher later this morning should the UK’s latest trade figures show that the trade deficit narrowed in August.
The Pound Euro (GBP EUR) exchange rate stabilised around half a cent higher than the week’s opening levels this morning, having slipped slightly from its best levels on Monday.
However the single currency looks set to apply more pressure to Sterling this morning following a jump in Germany’s trade balance. Despite the recent strength of the Euro, the nation’s trade surplus rose again in August, with exports from the manufacturing powerhouse reaching their highest levels in around a year.
Sterling rallied by around a cent against the US Dollar (USD) yesterday as fears of a possible Tory rebellion against the PM proved to be grossly exaggerated.
Meanwhile, the ‘Greenback’ remains slightly subdued at the start of this week’s session as investors are wary of further tensions with North Korea, with analysts fearing another missile test as the secretive nation celebrates the founding of its ruling party.
However, the long-term outlook for the US Dollar looks to be a little more upbeat, with investors hoping that Trump’s tax reforms will provide a much needed boost in the fourth quarter.
The Pound Canadian Dollar (GBP CAD) exchange rate fell back from its best levels yesterday evening as oil prices began to push higher once again following comments from OPEC in which the cartel suggested that its production cuts could be extended long-term.
Sterling leapt by almost two cent against the Australian Dollar (AUD) yesterday before falling back in overnight trade as Australia’s latest Business Confidence index surged from 5 to 7 in September, beating expectations that it would only rise to 6.
New Zealand Dollar
The Pound New Zealand Dollar (GBP NZD) exchange rate continued to push higher during the Asian session this morning as an uncertain domestic political situation caused investors to shy away from the ‘Kiwi’.
You can get in touch with TorFx via email here or via the contact page.