The Pound rallied against the majority of its peers on Wednesday, with markets welcoming the passing of the UK’s Brexit bill through Parliament.
Sterling sentiment is more subdued this morning however, with GBP/EUR flat €1.1375, GBP/CAD stable at C$1.7504 and both GBP/AUD and GBP/NZD holding steady at AU$1.7855 and NZ$1.9213 respectively. Meanwhile GBP/USD is currently trending lower, striking $1.3146.
The Pound closed out last week on a fairly stable footing against the majority of its peers, with the currency looking to consolidate Thursday’s gains after some notable movement in currency markets.
Sterling appears to be falling back again this morning however, while GBP/EUR is holding steady at €1.1442, the majority of pairings are sliding, with GBP/USD tumbling to $1.3232, GBP/CAD dropping to C$1.7449 and GBP/AUD and GBP/NZD dipping to AU$1.7790 and NZ$1.9077 respectively.
Looking to today’s session, a number of speeches by various central bank policymakers, including the ECB’s Mario Draghi, are likely to be the driving force in currency markets.
Here at Premier FX, this is a question we get asked very often. And it’s not difficult to see why, when just a few percentage points movement can make a huge difference to the amount of money you will receive when making a transfer.
And the fundamental thing to understand is that currency exchange is a true market. That is, the relative values depend on supply and demand, and all currencies have a “price”. It’s exactly the same principle as your local food market. If there’s a strong demand for vegetables for instance, but bad weather has damaged crops thereby reducing supply, then the prices in the market will go up.
The pound plummeted on Monday as some lacklustre domestic economic data weighed heavily on the UK currency.
Sterling appears to be largely muted this morning, with GBP/EUR flat at €1.1346, GBP/USD virtually unchanged at $1.3375, while GBP/CAD and GBP/AUD hold steady at C$1.7374 and AU$1.7558 respectively. Only GBP/NZD is currently showing any real signs of movement as it tumbles to NZ$1.8994.
The pound fell back again yesterday, with renewed Brexit uncertainty forcing the currency to relinquish some of the gains it made on Tuesday.
Trade in Sterling is mixed this morning, with GBP/EUR muted at €1.1379 and GBP/NZD holding steady at NZ$1.9072, while GBP/USD advances to $1.3448 as well as GBP/AUD and GBP/CAD climbing to AU$1.7578 and C$1.7420 respectively.
The pound tumbled against the majority of its peers on Monday as renewed concerns over Brexit eliminated the gains granted by the UK’s latest construction report.
Sterling appears to be broadly flat this morning, with GBP/EUR holding steady at €1.1392, GBP/USD stable at $1.3320, GBP/CAD muted at C$1.7222, while GBP/AUD and GBP/NZD are both holding steady at AU$1.7420 and NZ$1.8923 respectively.
The pound fell back again on Monday, suffering heavily losses against the majority of its peers as renewed Brexit uncertainty dragged on the currency.
Sterling appears to be holding its ground in early trade today however, with GBP/EUR flat at €1.1401, GBP/USD virtually unchanged at $1.3446, GBP/CAD stabilising at C$1.7163, while GBP/AUD and GBP/NZD are both holding steady at AU$1.7699 and NZ$1.9303 respectively.
The pound struggled in the end of trade last week, with growing Brexit uncertainty weighing heavily on the currency. Sterling looks to be struggling again at the start of this week as GBP/USD tumbles to $1.3419, GBP/CAD nosediving to C$1.7271, while GBP/AUD and GBP/NZD have both slipped AU$1.7850 and NZ$1.9470 respectively. Only GBP/EUR appears to be holding this morning as it stabilises at €1.1442.
Looking ahead the pound may enter into a holding pattern today as markets await the release of the latest UK inflation figures on Wednesday.
