UK growth forecasts leave GBP struggling

We were braced for a Super Thursday of announcements from the Bank of England (BoE) last week – but as it turned out there wasn’t anything particularly super about the central bank’s comments or their impact on the pound.

GBP/EUR plummeted from €1.1206 to a nine-month low of €1.1046, GBP/USD slid from a multi-month high of $1.3256 to $1.3028 and GBP/AUD moved between highs of AU$1.6726 and lows of AU$1.6425.

Pound plummets as BoE chops growth forecasts

Hopes that the Bank of England’s (BoE) Super Thursday announcements might boost rate hike expectations were swiftly dashed, leaving the pound tumbling at the tail end of last week.

Euro rallies on positive growth data

With the rate of growth in the Eurozone coming in at 0.6% in the second quarter, twice the level of growth recorded in the UK, the euro was able to strengthen against peers like the pound.

USD boosted by US jobs data

Last week concerns about the dramas engulfing the White House and Trump’s presidency kept the US dollar under pressure before better-than-forecast employment numbers sent USD higher.

Risk appetite fades, RBNZ meeting ahead

Last week the Australian dollar struggled in the face of speculation surrounding domestic monetary policy, and the New Zealand dollar could find itself in a similar situation in the days ahead.