In today’s post we’ll have a look at how the Pound fared against some other major currencies last week, including GBP/EUR, GBP/USD, GBP/AUD, GBP/NZD. On Sunday evening, I’ll outline all the data for the week ahead, and things that you should watch out for if you need to make a currency transfer and want to get the best exchange rates.
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The Pound started the week at €1.14 against the Euro, rising steadily before jumping to €1.16. This was largely due to comments from the European Central Bank that weakened the Euro and made it more expensive to purchase. The sharp drop at the end of the week was due to the UK GDP figures coming in significantly below forecast at 0.1%, wiping out all the recent gains to leave this pair in the €1.13’s.
With rates opening the week at $1.40, the only real direction was lower. With nothing much of note from the UK at the start of the week, rates were relatively range-bound between €1.3950 and $1.40. You can see rates decline a little due to the Euro weakness mentioned in the GBPEUR piece above. When the Euro weakens the USD often benefits, and this caused rates to slip away. The UK GDP numbers was the main driver of cable, sending rates into the $1.37’s by week end.
We saw a good 2 cent rise in the GBPAUD rate, before it all came crashing down with the poor UK growth figures. Rates are still around the best we’ve seen since the UK referendum in June 2016 however, so all in all those that need to buy AUD are looking at very attractive levels.
Pound/New Zealand Dollar
The GBPNZD graph is almost identical to the GBPAUD graph, and for the same reason; movements last week were largely dictated by Sterling, and the disappointing growth numbers sent rates lower on Friday. As with the Aussie though, the Kiwi Dollar is still very cheap to buy. Rates are 20 cents higher than last summer.
Tomorrow evening I’ll outline the main data releases for next week, and how these could affect the major Sterling pairs. At Currency Forecasts we don’t just offer free market analysis and outlines of what the markets are doing; we are also a brokerage that can source you exceptional rates of exchange. If you make currency transfers, to top up an account for example, to pay invoices from overseas, or if you want to get the best exchange rates for an overseas property purchase, then why not see what rate we can offer you. Get a free quote here.