Published: 8 Mar at 3 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Mexico,
The Pound (GBP) remained largely muted against the majority of its peers on Thursday as ongoing Brexit fears continued to hamper the currency.
Recent concerns have focuses on the publication of the EUâ€™s draft guidelines for the second stage of Brexit talks, as it suggest a â€˜bespokeâ€™ Brexit deal is likely off the table.
However Sterling may be able to push higher at the start of Fridayâ€™s session as economists forecast the UKâ€™s latest trade data will show that Britainâ€™s trade deficit narrowed in January.
The Pound Euro (GBP/EUR) exchange rate was met by volatility on Thursday as the European Central Bank (ECB) concluded its latest monetary policy meeting by drop its easing bias from its accompanying statement.
In removing any mention of increasing its bond purchases in the future the ECB signalled to markets that it was beginning to move towards normalising monetary policy.
will also publish its latest trade figures on Friday, although they may prove to be less supportive of the Euro as they are expected to report that Germanyâ€™s trade surplus fell at the start of 2018.
Sterling trended lower against the US Dollar (USD) today as investors remained spooked by Trumpâ€™s trade tariffs proposals and the possibility they could spark a wider trade war.
Analyst suggest that this has resulted in a â€˜risk-offâ€™ mood amongst investors, leading many to shun the Pound in light of growing Brexit uncertainty.
Looking ahead release of the latest US payroll figures could be a major source of movement in the US Dollar tomorrow, with a robust report possibly strengthening USD as economists suggest that it could prompt a fall in unemployment.
The Pound Canadian Dollar (GBP/CAD) exchange rate stumbled this afternoon as confidence in the latter was bolstered by a softening of Trumps trade stance.
The White House announced that both Canada
may be exempted from US tariffs on steel and aluminium.
Give that Canada is the largest exporter of steel to the US, the news came as a relief to CAD investors.
Canada will also publish its latest jobs data on Friday, with a modest rebound in employment possibility helping to bolster the â€˜Loonieâ€™.
The Pound Australian Dollar (GBP/AUD) exchange rate fluctuated during todayâ€™s session as Australia
â€™s latest trade figures were offset by a rise in global trade tensions.
Todayâ€™s data saw Australiaâ€™s trade balance move back into positive territory in January, with a larger than expected trade surplus being welcomed by AUD investors.
However with little data left to support the â€˜Aussieâ€™ on Friday it may be prompted to fall lower at the end of this weekâ€™s session as trade concerns continue to dominate market sentiment.
The Pound New Zealand Dollar (GBP/NZD) exchange rate was also met by volatility on Thursday as fears of a global trade war weighed on market risk appetite.
The concerns are likely to continue to influence movement of the â€˜Kiwiâ€™ until next week, with little in the way of impactful domestic data until the release of New Zealandâ€™s fourth quarter GDP figures on Wednesday.
As of Thursday, 8th March 2018, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1217, GBP USD exchange rate was 1.3805, GBP AUD exchange rate was 1.772, GBP NZD exchange rate was 1.9016, GBP CAD exchange rate was 1.7802, and GBP MXN exchange rate was 25.722.