SendMoney.org.uk

Compare exchange rates, send money abroad and online

Thu 3 Oct 2024 21:52GMT

Pound Sterling Exchange Rates Rise after PM Talks of Boosting UK Business

Published: 21 Nov at 4 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France,

Pound Sterling Advance Seen after PM May Hints at ‘Transitional Brexit’


The value of the Pound has been on a steady upwards path today, owing to the latest announcements from Prime Minister Theresa May.

Speaking earlier at a Confederation of British Industry (CBI) conference, May did her best to reassure UK businesses about future stability by talking of corporate tax cuts and implementing a ‘transitional Brexit’ instead of a ‘Hard Brexit’.

Focusing on the latter issue, it was suggested that the UK could remain part of the EU for longer than the apparent two-year deadline after triggering Article 50. While this was criticised by ‘Brexiteers’, GBP investors piled into the Pound.

Tomorrow’s opening UK data will consist of the public sector net borrowing result for October, which is set to show the deficit shrank from -10.12bn to -7.6bn.


Euro Retains Daily Gains despite Increasing Eurozone Turbulence


The Euro has fluctuated against most of its regular peers today, owing to the latest French Presidential election news.

Although French Republican Presidential candidate Francois Fillon has controversial political stances, his recent defeat of Nicolas Sarkozy in voting has emboldened investors.

They have seen Fillon as a viable opponent to far right National Front contender Marine Le Pen.

Outside of the ongoing election battles, the Euro may be shifted tomorrow afternoon by the November consumer confidence flash, which is expected to show a Eurozone improvement from -8 to -7.6.


US Dollar Weakness Seen as Analysts Question USD Valuation


Confidence in the US Dollar has diminished considerably today, despite the odds of a December Fed interest rate hike being around their highest point of the year.

Markets are beginning to worry that the latest US rally has been overcooked, with the US Dollar becoming bloated by speculation of interest rates rising at a faster pace than was initially imagined.

Looking ahead, tomorrow afternoon will bring the US existing home sales figures for October, which are forecast to fall on the month.


Australian Dollar Demand Mixed as Iron Ore Costs Clash with Economic Outlook


The Australian Dollar has been decidedly unsettled today, owing to the latest developments inside and outside of the national economy.

In the former case, negativity has been caused by a drop in iron ore futures, as well as news of job cuts at Rio Tinto, a nationally important mining corporation.

In more positive news, however, Goldman Sachs has given its Australian outlook an upgrade, predicting that the Reserve Bank of Australia (RBA) could raise Australian interest rates by mid-2017.

When it comes to domestic data, AUD may be moved tonight by a speech from RBA official Chris Aylmer.


Continued Post-Quake Appeal of NZD Attributed to China Rumours


While the nation of New Zealand has recently been hit by a disruptive and violent earthquake, the New Zealand Dollar is still in high demand overall, owing to the latest Chinese news.

In the wake of a Trump election and concerns about trade with the US drying up, talks have been ongoing about upgrading the trading relationship between New Zealand and China, which promises to bring further sales support to the NZ dairy industry.

Tonight will bring the October visitor arrivals figure, which is expected to reduce slightly on the year.


Canadian Dollar Update: Rising CAD Demand comes with Commodity Price Increase


The rising cost of both gold and crude oil today has been to the benefit of the Canadian Dollar, which has managed to advance on the commodity news.

Elsewhere in Canada, wholesale sales in September have fallen from 0.8% to -1.2%, something that has limited the day’s gains on rising commodity prices.

Tomorrow afternoon will see September’s retail sales figures announced, which are expected to show a rise in all fields.
As of Monday, 21st November 2016, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1745, GBP USD exchange rate was 1.2494, GBP AUD exchange rate was 1.6937, GBP NZD exchange rate was 1.7651, GBP CAD exchange rate was 1.6755, and GBP CNY exchange rate was 8.6118.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

Live Exchange Rates