Latest Currency News Continued - page 255

GBP/CAD Exchange Rate Edges Higher as UK Government Promises to Cover 22% of Worker Pay for Six Months The Pound to Canadian Dollar (GBP/CAD) exchange rate rose by 0.5% today, with the pairing currently trading around CA$1.711. Sterling rose today after British Chancellor Rishi Sunak revealed that the Government would support wages and help firms secure jobs. Sunak was also optimistic about early signs of progress, noting...

Rising US Manufacturing Growth Limits Strength of Pound US Dollar (GBP/USD) Exchange Rate As the US manufacturing PMI rose to a 20-month high the Pound Sterling to US Dollar (GBP/USD) exchange rate struggled to gain any headway. With the world’s largest economy showing signs of sustained momentum, even in the face of mounting Covid-19 anxiety and political tensions, the US Dollar found fresh support. However, as the...

Market fears of a second global wave of coronavirus infections have been dominating the British Pound to Australian Dollar (GBP/AUD) exchange rate this week. While coronavirus lockdown fears have been rising in Britain, investors have been selling currencies correlated to market risk and trade sentiment like the Australian Dollar. On top of that, this week’s Reserve Bank of Australia (RBA) news has given the ‘Aussie’ a heavy...

The British Pound to South African Rand (GBP/ZAR) exchange rate saw a jump in demand yesterday, despite the Pound’s broad weakness on fears of a second coronavirus lockdown. This was due to market risk-aversion leading to a Rand plummet, but as markets calmed slightly today the South African Rand has been clawing back some of its losses. Unlike most Pound pairings, GBP/ZAR tumbled even lower last week. After opening the week...

GBP/DKK Exchange Rate Steady as UK Government Announces New Covid-19 Restrictions The Pound to Danish Krone (GBP/DKK) exchange rate held steady today, with the pairing currently trading around 8.109kr. Sterling benefited from the playing down of negative interest rates from Bank of England’s (BoE) Governor Andrew Bailey today. As a result, GBP investors gave a sigh of relief after concerns of a negative interest rate...

Despite a lack of fresh developments in Eurozone data, the Euro to US Dollar (EUR/USD) exchange rate has been tumbling today. The US Dollar is benefitting from a jump in market demand for safe havens, despite the US outlook being fairly mixed itself. Further developments in how the coronavirus pandemic will be handled in the Eurozone and US going forward will be in focus this week, but investors will also closely watch upcoming...

Despite a lack of strong South African data lately, the South African Rand has been one of the best performing major currencies in recent weeks and the British Pound to South African Rand (GBP/ZAR) exchange rate has been trending lower. Sterling has been attempting to rebound on Brexit hopes, but the pair’s movement has been dominated by the Rand’s own rebound attempts as investors digest the latest coronavirus hopes and...

GBP/EUR Exchange Rate Falls on Dovish BoE Statement The Pound to Euro (GBP/EUR) exchange rate fell by -0.5% today after the Bank of England (BoE) held interest rates at 0.1%. The pairing is currently trading around €1.09. However, the Bank also commented in a dovish statement that Britain’s economic outlook remained ‘unusually uncertain’. As a result, this dragged down Sterling as the nation’s economic situation...

Despite mixed market risk sentiment and a strongly rebounding Pound, the British Pound to Australian Dollar (GBP/AUD) exchange rate’s gains have been limited this week. The Australian Dollar found some support in stronger than expected job market data, while investors hesitate to move too much on the Pound ahead of today’s anticipated Bank of England (BoE) policy decision. Still, GBP/AUD has been advancing overall this week...

GBP/ZAR Exchange Rate Rangebound as Covid-19 Vaccine Hopes Buoy Rand The Pound to South African Rand (GBP/ZAR) exchange rate held steady today, with the pairing currently fluctuating around R21.208. The South African Rand (ZAR) failed to rise against Sterling today following a worse-than-expected South African Retail Sales report for June. The figure slumped below consensus by -9% and exacerbated concerns for the nation’s...