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Pound Stumbles on Gloomy Growth Forecast

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

Sterling



GBP/USD 1 Week Chart

The Pound (GBP) slipped against most of its peers on Thursday as NIESR’s forecast that the UK economy only grew 0.2% in the three months to July.

This was down from a previous figure of 0.3%, with the fall being attributed to growing pressure on the UK’s service sector thanks to a decline in consumer spending.

Euro

The Pound Euro (GBP EUR) exchange rate plummeted by over half a cent yesterday following the gloomy growth forecast from NIESR.

While Sterling began to rebound in overnight trade its recovery was cut short at the start of the European session as German inflation rose from 1.6% to 1.7% in July, edging it closer to the European Central Bank’s target rate of 2.0%.

However with French inflation lagging well behind at just 0.7% the ECB is likely to remain neutral towards a rate hike for the foreseeable future.

US Dollar

Sterling continues to trade in a narrow range against the US Dollar (USD) this week as currency markets remained spooked by increasing tensions between Washington and Pyongyang.

In response to North Korean Plans to launch a number of rockets towards the US territory of Guam, President Trump yesterday warned that the rogue nation should be ‘very, very nervous’ if it acted against the US.

Meanwhile, the US will release its latest inflation report later this afternoon, with the ‘Greenback’ likely to stumble if core inflation fails to rise as it would make a rate hike from the Federal Reserve later this year even more unlikely.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate moved broadly higher overnight on Thursday as oversupply concerns continued hampering oil prices, with Brent Crude futures tumbling 0.54% to $51.62 a barrel, their lowest levels since the start of the month.

Australian Dollar

After fluctuating against the Australian Dollar (AUD) for much of the session this week, Sterling raced higher during the Asian session last night as geopolitical concerns battered the ‘Aussie’ as markets fear that the sabre rattling on the Korean peninsula could turn into something more.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate also remained close to its best levels last night as markets grew increasingly concerned about the escalation of tensions between the US and North Korea.

 

TorFX Author: TorFX

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