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Pound lacking forward momentum

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Pound Sterling (GBP) Exchange Rates Firm after Decline in Unemployment

Pound (GBP) exchange rates traded in a narrow range yesterday as market focus shifted from Brexit onto the more pressing economic turmoil in Turkey.

The lack of recent Brexit developments and lull in domestic data saw the Pound lacking forward momentum, meaning Sterling instead derived its gains from developments abroad.

The Pound managed to edge higher this morning thanks to an unexpected decline in UK unemployment levels, with the rate of joblessness dropping to 4.0% and its lowest levels since 1975.

GBP/EUR Exchange Rate Fluctuates as Turkish Lira (TRY) Plummets

The Pound Euro (GBP/EUR) exchange rate fluctuated yesterday as the Euro continued to feel the effects of the financial crisis in Turkey.

The Turkish Lira (TRY) plunged a further 7% on Monday, causing EUR investors additional grief in light of the Eurozone’s economic ties to Turkey.

However, the common currency was later supported by better-than-forecast growth data for the Eurozone.

GBP/USD Exchange Rate Stable amid Safe-Haven Demand

The Pound US Dollar (GBP/USD) exchange rate, much like GBP/EUR, was dictated by the continued sell-off of the Lira yesterday, which saw investors take shelter in safe-haven currencies like USD.

The Lira appeared to plateau somewhat during yesterday’s session, which saw a decline in demand for the US Dollar and contributed to the relatively steady GBP/USD exchange rate.

In the absence of noteworthy US data today, the ‘Greenback’ may again find itself driven by safe-haven demand, with raging geopolitical uncertainty likely to bolster USD.

Turkey Crisis Subdues GBP/CAD Exchange Rate

The Pound Canadian Dollar (GBP/CAD) exchange rate held steady yesterday with a quiet day for the UK and Canada directing market focus towards developments in Turkey.

GBP/AUD Exchange Rate Rises amid Soured Risk-Appetite

Subdued market risk-appetite saw the Pound Australian Dollar (GBP/AUD) exchange rate soar on Monday, with the ‘Aussie’s’ fall reflecting an aversion to risk-related currencies in the wake of the Turkish Lira’s (TRY) plummet.

Looking ahead, a projected fall in Australia’s consumer confidence index overnight could dent AUD value, bolstering the GBP/AUD exchange rate in the next session.

GBP/NZD Exchange Rate Slides amid ‘Kiwi’ Allure

The Pound New Zealand Dollar (GBP/NZD) exchange rate fell on Monday as the ‘Kiwi’ fared much better than its fellow higher risk currencies.

 

Further Reading

 

AUD/GBP Between a Rock and a Hard Place – USD Strength

AUD/GBP versus AUD/USD and GBP/USD

Both the Australian dollar and British pound sterling have had a hard time of late caught between the rock of the China/US trade war and the Brexit hard place.

Last update: 27 Aug, 2019

Australia Cuts Interest Rates to Record Low

RBA Australian dollar AUD currency news and forecasts

The RBA has cut Australian interest rates to a record low of 1 percent in an effort to boost inflation. The Australian dollar is slightly stronger following the widely expected decision but is expected to lose 5–7 percent of its value before year-end.

Last update: 14 Aug, 2019

GBP’s Bright Start to the Year Is a Distant Memory

The British pound was the worst-performing major currency in the April-June period and remains “impossible to forecast” amid a Tory leadership battle that might force “no deal” or a general election.

Last update: 30 Jun, 2019

  

Posted to: News

 
 
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.
 

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