Currency News: UK daily forex news and forecasts

GBP/CAD Exchange Rate Sinks as ‘Loonie’ Rises on Lull in Coronavirus Fears The Pound Canadian Dollar (GBP/CAD) exchange rate dipped by -0.3%, with the pairing currently trading around CA$1.716 after Canada’s inflation report for January beat forecasts and rose from 0% to 0.3%, while the year-on-year figure also increased by 2.4%. Analysts at Reuters commented: ‘Gasoline prices surged 11.2% year-over-year… as oil...

Pound (GBP) Falters in spite of Solid Increase in Inflation The Pound (GBP) is trading on the back foot against the US Dollar (USD) and the majority of its other peers this morning, in spite of a stronger-than-expected UK consumer price index (CPI). According to data published by the Office for National Statistics (ONS), UK inflation soared to 1.8% in January, a six-month high. This was up from a three-year low of 1.3% in...

Even with Australian data decent recently, the Australian Dollar has seen a volatile few weeks due to persisting market concerns over a coronavirus outbreak, and this is making it easier for the British Pound to Australian Dollar (GBP/AUD) exchange rate to sustain gains. The Pound is benefitting from weakness in rivals, as well as rising market optimism over Britain’s upcoming budget presentation. The Australian Dollar has also...

EUR/GBP Exchange Rate Falls as German Economic Outlook Darkens The Euro Pound (EUR/GBP) exchange rate fell by -0.4% today, with the pairing currently trading around £0.829 after Germany’s ZEW survey of economic sentiment for February plummeted below forecasts from 26.7 to 8.7. ZEW President Achim Wambach was downbeat in his analysis, commenting: ‘The feared negative effects of the coronavirus epidemic in China on world...

GBP/CAD Exchange Rate Falls as Risk Appetite Returns for Canadian Dollar The Pound Canadian Dollar (GBP/CAD) exchange rate fell by -0.5% today, with the pairing currently trading around CA$1.720 as increasingly muted fears over China’s coronavirus outbreak has strengthened oil prices and boosted the risk-sensitive ‘Loonie’. Ray Dalio, co-chief of investment at Bridgewater Associates, one of the world’s largest hedge...

Due to a lack of support from either domestic or global developments, the Euro remains unappealing and last week was yet another week of losses for the Euro to US Dollar (EUR/USD) exchange rate. Investors find the Euro unappealing due to lingering fears of a lasting slowdown in Eurozone economy, as well as the possibility that further slowdown is ahead due to the coronavirus outbreak. Meanwhile, the US Dollar is resilient on US...

Q4 data has been patchy, with Germany and China especially concerning. Japanese data released Monday shows GDP growth at -1.6% QoQ. Recession is probable and ING call 2020 GDP growth at -1.1%. What is especially worrying is that the data does not yet reflect the impact of the coronavirus and the effects could be significant. Looking ahead there is the potential for much more economic upset and the Olympic Games in Japan...

Pound Sterling New Zealand Dollar (GBP/NZD) Exchange Rate Muted as Markets Shrug Off RBNZ Decision The Pound Sterling New Zealand Dollar (GBP/NZD) exchange rate remained flat on Friday, and traded around NZ$2.0233. The New Zealand Dollar weakened at the end of the week on continued Covid-19 fears. The latest figures from China revealed the number of cases increased by 4,823, after Thursday’s jump of nearly 15,000 new...

GBP/CAD Exchange Rate Eases as Market Risk Appetite Returns for Canadian Dollar The Pound Canadian Dollar (GBP/CAD) exchange rate fell by -0.4% today, with the pairing currently trading around CA$1.723 in spite of the International Energy Agency’s (IEA) warning that the coronavirus could see oil demand fall. The oil-sensitive Canadian Dollar (CAD) rose instead as it was announced that China’s coronavirus outbreak would be...

GBP/AUD Exchange Rate Edges Higher as Coronavirus Dampens Market Risk Appetite The Pound Australian Dollar (GBP/AUD) exchange rate rose by 0.3% today, with the pairing currently trading around AU$1.937 after Australia’s consumer inflation expectations report for February fell below forecasts from 4.7% to 4%. The Australian Dollar’s (AUD) weakness has also been compounded by a spike in China’s coronavirus epidemic which...