The British pound rose against its major rivals on Tuesday, due to a wave of Brexit optimism that overshadowed the markets, but it quickly fell later throughout the day due to conflicting signs coming from the European Union.<\/p>\n
The EU’s chief negotiator, Michel Barnier, said the EU was ready to offer a partnership with Britain, but ended up deadlocked.<\/p>\n
The GBP\/EUR pair dropped 0.25% to trade at 1.1130 Euro per GBP. Meanwhile, GBP\/CAD rose, trading at $1.6931, and GBP\/AUD rose to $1.7942. GBP\/NZD was not affected, as the pair traded at $1.9554.<\/p>\n
The various movements that the pound saw today are largely due to the political developments related to Brexit. This has left traders in doubt as to whether there would be a deal before the UK leaves the EU.<\/p>\n
The Canadian dollar was able to take advantage of the pound\u2019s weakness after the release of Canadian GDP figures, which revealed that the economy grew by 0.7% in the second quarter.<\/p>\n
The US dollar also benefited from some positive data, but was unable to maintain its strength against the pound. Core personal consumption slowed a slight rise in July, from 1.9% to 2% with some support from jobless claims.<\/p>\n
In the UK, some disappointing figures indicated a slowdown in consumer confidence in the economy, with net lending to individuals in July reaching 4 billion pounds, lower than the expected figure of 5.5 billion pounds.<\/p>\n
In the emerging currency market, the pound gained 4.5% against the Turkish lira and 2.5% against the South African rand.<\/p>\n
Expectations of analysts and experts<\/b><\/p>\n
The Pound is likely to see further pressure tomorrow morning when the latest Consumer Confidence survey is published. Economists currently believe that sentiment will remain at a low of -12 points, dropping more than the previous result at -10. Since 1981, the average consumer confidence score was -9.97, with a low of -39 in July 2008.<\/p>\n","protected":false},"excerpt":{"rendered":"
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