Breaking_ british pound touches one-week best exchange rate against euro and dollar following brexit live futures market
Markets have maintained a generally bearish view of the Pound in recent days, allowing the Euro (GBP EUR) to make gains in spite of worries over delays to the CETA treaty
This suggested that the domestic economy has not suffered as great a shock from the Brexit vote as had been initially predicted, giving investors some incentive to buy back into the softened currency on Thursday.
Wednesday afternoon’s session saw the Pound to Euro exchange rate continued to trend flatly as both the GBP and the EUR were bolstered in near equal amounts by a US Dollar selloff.
GBP/EUR has largely failed to recover from Tuesday’s falls, but could return closer to the week’s opening levels on Thursday if Britain’s preliminary Q3 growth stats impress investors.
Brexit-based worries have continued to drag
on the Pound Sterling (GBP) this week, with comments from Chancellor of the Exchequer Philip Hammond failing to ease market concerns.
Confidence in the Pound also failed to improve in the face of a higher level of UK mortgage approvals, despite this signalling a further recovery within the domestic housing market.
A report from the Resolution Foundation prompted the Pound Sterling to Euro (GBP EUR) exchange rate to weaken further, as its projections suggested that the UK government faces a black hole of £84 billion over five years.
NB: the forex rates mentioned above, revised as of 27th Oct 2016, are inter-bank prices that will require a margin from your bank. Pound to usd conversion rate Foreign exchange brokers can save up to 5% on international payments in comparison to the banks. Ringgit to usd The appeal of the Pound is expected to remain decidedly muted ahead of the third quarter UK GDP data, given that forecasts point towards the domestic economy having lost momentum in the wake of the EU referendum.
Growth is expected to have slowed from 0.7% to 0.3% on the quarter, which is likely to keep GBP exchange rates on a weaker footing despite the fact that the economy may have temporarily avoided a recession.
Some investor concerns remain, meanwhile, that the Bank of England (BoE) could move to ease monetary policy further before the end of the year, assuming that domestic data continues to disappoint.
‘Coming survey data is likely to reflect the underlying concerns of the CBI business trends. Gbp usd exchange rate This should maintain the bias of BoE’s accommodative stance, despite fears of a collapse in confidence having been averted.’
Euro (EUR) exchange rates were boosted, meanwhile, by the news that the German Import Price Index had strengthened further than forecast in September.
Clocking in at 0.1% rather than 0.0% on the month, this suggested that price pressures are continuing to build within the Eurozone’s powerhouse economy.
This stronger showing helped overshadow continuing worries over the future of the CETA treaty, as well as a modest dip in the German GfK Consumer Confidence Survey for November.
A further increase in domestic inflationary pressure would seem to bode well for the wider currency union, giving the European Central Bank (ECB) less incentive to extend its quantitative easing program in December.
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