The British pound rate complex (GBP) ensues overwhelming losses today as it tanks versus the Canadian dollar (CAD), Swiss Franc (CHF), Chinese Yuan (CNY), Czech Koruna (CZK), Euro (EUR), Yen (JPY), New Zealand dollar (NZD) and the US Dollar (USD) currency peers.
Friday's US data slew has printed well overall, although the University of Confidence survey result dipped from 92 to 90.7, allowing USD spot exchange rates to advance on GBP, EUR, JPY, AUD and the NZD currency peers.
The uptick in USD to GBP and the USD to EUR spot exchange rates is mostly due to Advance Retail Sales figures, which have printed at 0.2% again rather than the anticipated dip to 0.1%.
Before we continue, let's take a quick look at the pound sterling spot exchange rate winners/losers as of today (12/02/2016):
- The GBP to AUD exchange rate is cementing recent gains and trends 0.62 pct higher today.
- The pound to Canadian dollar cross is 0.49 pct in the green.
- The pound sterling is well ahead against the Swiss franc on Friday, 0.85 pct up on the day.
- The pound to euro spot exchange rate is also cruising higher by 0.82 pct despite euro-area GDP printing as forecast earlier today.
- The GBP is rebounding 0.64 pct higher against the safe-haven asset, the Japanese yen.
- A big mover today is the pound to New Zealand dollar exchange rate, which currently converts +1.22 per cent compared to the day's open.
- Finally the GBP/USD conversion rate is 0.52 in the green.
For your reference, here are the latest fx rates today:
On Thursday the Canadian Dollar to British Pound exchange rate (CAD/GBP) converts at 0.586
The pound conversion rate (against canadian dollar) is quoted at 1.708 CAD/GBP.
The live inter-bank GBP-JPY spot rate is quoted as 193.401 today.
At time of writing the pound to australian dollar exchange rate is quoted at 1.918.
The pound conversion rate (against euro) is quoted at 1.165 EUR/GBP.
Today finds the pound to us dollar spot exchange rate priced at 1.246.
Please note: the FX rates above, updated 25th Apr 2024, will have a commission applied by your typical high street bank. Currency brokers specialise in these type of foreign currency transactions and can save you up to 5% on international payments compared to the banks.
Previously: The British pound is putting on a strong performance today, against currencies including US dollar and the euro, partly thanks to correctional trading following yesterday’s decline.
News that the UK construction sector grew in December after a previous contraction has helped GBP to hold onto gains made against EUR and USD.
Earlier: The Confederation of British Industry (CBI) released a UK GDP forecast which saw GBP plummet against currencies including euro (EUR), Canadian dollar (CAD), NZ dollar (NZD) and the American dollar (USD).
Growth outlook has been reduced by -0.3% compared to the CBI’s previous forecasts made in November and as a result GBP/EUR, GBP/CAD and the GBP/NZD exchange rate crosses are plummeting.
The British pound declined heavily against the major currencies this morning, as the FTSE100 Index tumbled 2.5% at the open and shares in French bank Societe Generale plummeted 13%, as the bank posted fourth quarter profit that missed expectations as earnings and investment shrank.
The market volatility continued as Sweden’s central bank lowered its key interest rate even further below zero in an ongoing struggle to revive inflation and keep the Swedish Krona from appreciating alongside the Euro.
Stimulus Measures Trigger Pound Sterling to Euro Volatility, GBP/EUR Back to 13-Month Low
Swedish policy makers have unleashed unprecedented stimulus over the past year to save the economy from deflation and have been forced to follow the ECB who are going all out to revive price growth and sustain economic expansion across Europe.
Traders are also concerned with the 16% drop in the German stock market with losses that exceeds declines in France the UK and Switzerland by as much as 7%.
Exchange Rates Forecast: Further Pound Sterling (GBP) Losses Ahead in 2016?
The DAX was down another 3.1% this morning as concerns about the creditworthiness of Deutsche Bank added to fears over a slowing economy. The struggling bank has declined by as much as 41% after concern grew that it would struggle to meet its debt obligations, making it the worst performer in the DAX this year.
The Pound has become a very risk sensitive currency and fell from a high on Wednesday of 1.29 against the Euro to a low this morning of 1.2680, a fresh 13 month low.
British Pound to Australian Dollar Exchange Rate Rallies on Risk Sentiment
The pound to dollar exchange rate remained broadly unchanged, despite Janet Yellen's cautious comments on the impact of the global downturn on the U.S economy and the prospect of further rate hikes this year.
The Pound (GBP) exchange rate complex has made gains against the commodity-driven currencies, rising through 2.06 against the Australian Dollar.
Data Released 11th February 2016
U.S 15:00 Fed Chair Yellen Testifies to the Senate Banking Committee