Tuesday, 11 December, 2018

Pound US dollar exchange rate: GBP down against USD - pairing at $1.284

Traders are worried that UK and EU negotiators will fail to agree transition terms before Brexit in March Traders are worried that UK and EU negotiators will fail to agree transition terms before Brexit in March Dan Kitwood Getty Images
Priscilla Morrison | 12 August, 2018, 14:25

At the time of writing on Thursday afternoon, GBP/EUR trended in the region of 1.1120.

The Brexit related uncertainty has been voiced repeatedly over the course of past few days with the Bank of England Governor Mark Carney sending a warning signal to business and the financial markets on Friday last week saying that the uncertainty related to Brexit negotiations is "uncomfortably high" and the UK Trade minister Liam Fox said on Monday that a no-deal Brexit has a 60 percent chance of happening.

While there appeared to be no notable trigger to yesterday's pound sell-off, analysts suggest it is likely a result of growing anxiety that time is running for the United Kingdom to avoid a "no-deal" Brexit.

Despite today's relatively strong figures, the currency remains weighed down by fears of a "no deal" Brexit.

By Joshua Gibson Sterling catches some lift in Asia as the US Dollar takes a step back, but downside pressure remains.

Brexit concerns continue to weigh on the Pound as traders await negotiations between the United Kingdom and the European Union to begin again in the coming weeks.

More news: News Corp not chasing mergers to compete with Nine-Fairfax powerhouse

The Euro (EUR) has remained relatively stable recently, leaving its exchange rates at the mercy of developments overseas, and the European Central Bank's (ECB) latest economic bulletin this morning served to highlight the Eurozone's economic trajectory. EUR Pressured Slightly by European Central Bank's Cautious Comments The Pound was able to more easily rebound from its cheapest levels versus the Euro, due to some fresh comments from the European Central Bank (ECB) which were perceived as cautious.

Tomorrow the Office for National Statistics (ONS) will publish the latest growth figures for the United Kingdom economy.

The day's biggest dataset will be Britain's June Gross Domestic Product (GDP) growth results, which include growth data from June and growth projections for Q2 2018.

However any Sterling gains could be offset by the end of the session, with the publication of the latest US CPI figures likely to strengthen the US dollar as analysts predict another rise in inflation will provide further incentive for the Federal Reserve to continue raising interest rates.

While most of the blame for the pound's tumble has been put squarely on fears of the United Kingdom crashing out of the European Union without a deal, analysts have been keen to point out that August has always been a hard month for the currency.

This would likely turn around some of the Pound's poor form, and a favourable uptick in the industrial production figures might also serve Sterling well against its major peers ahead of the weekend.

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