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Pound Sterling (GBP) Records Modest Gains as Brexit Negotiations Intensify

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Pound Sterling (GBP) Exchange Rates Advance amid Brexit Uncertainty

The Pound (GBP) showed signs of flipping its fortunes during Tuesday’s session, with the currency strengthening against most of its major peers.

Some analysts believed this to be due to a much-improved UK public borrowing figure for last month, although the boost to GBP came shortly before the EU’s Chief Brexit negotiator Michel Barnier and Brexit Secretary Dominic Raab delivered a presser in the late afternoon, in which they suggested efforts would be made to design a custom Brexit deal.

Shortly after this meeting, Sterling rates dipped somewhat, and the Pound may fight an uphill battle the rest of the week as Brexit focus sharpens.

GBP/EUR Exchange Rate See-saws after Brexit Talks

The Pound Euro (GBP/EUR) exchange rate oscillated following the Barnier-Raab presser yesterday, with investors seemingly in two minds about the implications of the negotiators’ update.

Nevertheless, Raab’s optimistic insistence that a UK-EU deal was within reach saw the Pound conclude the session near its opening levels.

GBP/EUR is likely to trade in a limited range today as neither the UK nor the EU have any noteworthy data due for release, leaving Brexit developments to drive the pairing.

GBP/USD Exchange Rate Soars as Scornful Trump Slates Fed

The Pound US Dollar (GBP/USD) exchange rate jumped during Tuesday’s session as US President Donald Trump criticised the Federal Reserve’s monetary policy, resulting in blanket losses for the ‘Greenback’.

Trump suggested that the Fed’s strategy of frequent rate hikes has displeased him, and the uncustomary nature of his comments saw USD demand decline.

Analysts generally agree, however, that the President’s comments likely won’t have any effect on Fed decision makers, which may see the US Dollar recoup some of its losses today.

GBP/CAD Exchange Rate Rises as Canadian Wholesale Sales Disappoint

The Pound Canadian Dollar (GBP/CAD) exchange rate increased by about half a cent yesterday following some well below-forecast wholesale sales figures for June.

The figure came in at -0.8% despite being forecast at 0.8%, and the ‘Loonie’s’ woes may be compounded during today’s session with the country’s retail sales for June likewise expected to tumble.

GBP/AUD Exchange Rate Ascends amid Australian Leadership Upheaval

The Pound Australian Dollar (GBP/AUD) exchange rate rose during Tuesday’s session as Australian Liberal party members attempted to oust Prime Minister Malcolm Turnbull

The pairing may rally further today with news that (despite Turnbull coming out on top of yesterday’s leadership vote) Liberal MP’s are again trying to force the PM out, with a petition making the rounds in Parliament.

GBP/NZD Exchange Rate Declines following Positive NZ Retail Sales

Despite the Pound seeing growth against most of its peers yesterday, the Pound New Zealand Dollar (GBP/NZD) exchange rate retreated late in the evening as New Zealand retail sales growth for the second quarter printed at 1.1% instead of the 0.4% forecast.

 

Further Reading

 

Coronavirus panic drives US dollar strength

Currency rates were extremely volatile last week as the coronavirus situation worsened day by day with various countries implementing ever-tougher measures to stop the spread of the disease.

Last update: 23 Mar, 2020

Coronavirus spread fears linger – USD strong – AUD at 11 year lows

This week the US Dollar was touching three-year highs when valued against a basket of major currencies. The greenback’s traditional role as one of the safe-haven currencies is helped by a domestic economy that is largely immune to the threats of the coronavirus.

Last update: 22 Feb, 2020

Coronavirus unnerves currency markets

The strong start to the year for “risk-on” currencies is already a distant memory.

Posted: 3 Feb, 2020

  

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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