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Mon 13 Jul 2020 04:43GMT

Pound (GBP) Flat Ahead of House of Lords Vote on 'Cooper' Bill

Published: 8 Apr at 3 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany,

Pound (GBP) Slides on Brexit Tensions Ahead of Emergency EU Summit

Brexit likely weighed on Pound (GBP) exchange rates on Monday ahead of the House of Lords vote on Labour’s Yvette Cooper’s Brexit delay Bill and further cross-party discussions.

Meanwhile, it has been suggested that the Prime Minister has invited a delegation of Cabinet ministers to No. 10 for a meeting at 5pm, and it is expected this is a briefing on the Brexit offer to Labour.

Reports also revealed that the Prime Minister is due to fly to Berlin and Paris tomorrow for talks with German Chancellor Angela Merkel and French President Emmanuel Macron ahead of Wednesday’s emergency EU summit.

Pound Euro (GBP/EUR) Exchange Rate Slides as Eurozone Investor Confidence Rises

The Pound Euro (GBP/EUR) exchange rate fell this afternoon, following better than expected data from the Eurozone this morning.

While data showed that German exporters seem to be suffering from current trade disputes, a slowing world economy and Brexit, the Eurozone’s Sentix investor confidence improved in April.

Confidence rose to -0.3 from -2.2, the highest reading since November, which likely sparked an upswing in support for the single currency.

Pound US Dollar (GBP/USD) Exchange Rate Muted as US Factory Orders Slip

The Pound US Dollar (GBP/USD) exchange rate remained muted as US factory orders did not slide as far as forecast.

Factory orders fell by -0.5% in February, and January’s figure was revised to show that orders stagnated at 0%.

The data also revealed that the US manufacturing sector which accounts for around 12% of the economy is slowing amid rising inventories.

Pound Canadian Dollar (GBP/CAD) Exchange Rate Falls despite Slide in Canadian Building Permits

The Pound Canadian Dollar (GBP/CAD) exchange rate slipped on Monday afternoon despite disappointing Canadian data.

Canadian building permits fell by -5.7% in February, with the value of permits for residential buildings sliding by -8.5%, the lowest level since April 2017.

Pound Australian Dollar (GBP/AUD) Exchange Rate Edged Down despite Disappointing Aussie Job Advertisements

The Pound Australian Dollar (GBP/AUD) exchange rate remained muted on Monday despite an increase in global risk appetite from successful US-China trade discussions.

Data released on Monday by ANZ Bank revealed that Australian job advertisements fell steeply by -1.7% in March, making the annual rate slide by -6%, the steepest decline in over five years.

In the past a slide in advertising levels usually indicated that there would be a rise in unemployment, however the Aussie unemployment rate currently sits an eight year low of 4.9%.

Pound New Zealand Dollar (GBP/NZD) Exchange Rate Flat as US-China Trade Talks Continue

The Pound New Zealand Dollar (GBP/NZD) exchange rate remained flat following reports from Washington that there was still ‘significant work’ to be done in trade talks with Beijing.

Further trade discussions between the US and China are due to continue this week via video link in order for the two powers to ‘resolve outstanding issues’.

If there are further reports that suggest significant progress has been made, this could buoy the risk-sensitive ‘Kiwi’.

As of Monday, 8th April 2019, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1602, GBP USD exchange rate was 1.3061, GBP AUD exchange rate was 1.8341, GBP NZD exchange rate was 1.9381, GBP CAD exchange rate was 1.7391, and GBP CNY exchange rate was 8.7721.
Dominic Lee About Author: (421 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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