After declining following this morning’s EU centred speech by Prime Minister David Cameron, the British Pound was able to rebound in response to the release of the Bank of England’s latest meeting minutes and better than expected employment data.
This morning David Cameron pledged that there will be a referendum regarding Britain’s place within the EU, but it will only occur if he is re-elected and if certain issues are resolved between now and 2017, the proposed year of the referendum.
The uncertainty surrounding whether or not the UK will remain a part of the Union has triggered declines in Sterling in recent days and the British currency traded moderately lower following the announcement.
However, an unexpected drop in jobless claims in December, along with a declining quarterly measure of unemployment, allowed it to recoup some of its recent losses against its American counterpart.
Although the Bank of England’s latest minutes report contained some optimistic elements the Pounds rise was tempered by cautious comments, including: ‘Substantial headwinds to recovery remained, including the drag to activity from fiscal consolidation, a further squeeze in household real incomes, and the deterioration in U.K. competitiveness over the past couple of years. The sterling real exchange rate might be above the level compatible with the necessary rebalancing of the economy.’
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1897
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5862
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.5016
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8814
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5721
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.8060
The Pound Sterling to Swiss Franc is currently trading at 1.4731
The Pound Sterling to Japanese Yen exchange rate is currently trading at 140.0700
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