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Today's News: Sterling (GBP) Static Despite Stronger-than-Expected Wage Data

Pound Sterling (GBP)

Tuesday’s UK Consumer Price Index (CPI) results did little to boost hawkish Bank of England (BoE) speculation as it simply met expectations.

One of yesterday’s biggest events was a Bank of England (BoE) testimony to the UK Treasury Committee. Among the most notable comments was a dovish tone taken by new BoE deputy governor Sir Dave Ramsden, who indicated he did not believe UK interest rates needed to be hiked.

BoE Governor Mark Carney also spooked investors by issuing fresh warnings on the potential effects of a ‘hard Brexit’, as well as indicating that it may be appropriate to tighten UK monetary policy in the coming months. His vague stance caused bets of a November interest rate hike to drop.

Britain’s August job market report was published this morning and the latest wage stats were slightly better than expected. Growth in average earnings including bonuses improved to 2.2% and earnings without bonuses came in at 2.1%. Both previous prints were revised higher, to 2.2%. However, the Pound experienced little movement after the report’s release.

US Dollar (USD)

The Pound to US Dollar exchange rate plunged on Tuesday afternoon, shedding around half of last week’s gains due to weakness in the Pound and a stronger US Dollar.

September’s US industrial production results impressed investors, rising from 1.2% to 1.6% year-on-year and improving to 0.3% month-on-month as expected. The strongest US import prices in over a year also boosted the ‘Greenback’ as they came in at 0.7% month-on-month and at 2.7% year-on-year.

The data boosted bets of a December interest rate hike from the Federal Reserve. Fed rate hike bets had already been high due to the hawkish tone taken by Fed Chairwoman Janet Yellen on Sunday.

Euro (EUR)

The Pound to Euro exchange rate dropped yesterday as Brexit concerns and a dip in Bank of England (BoE) interest rate hike bets helped the Euro to gain.

The Euro was able to advance despite a lack of fresh reasons to buy the shared currency this week. News that two Catalonian separatists had been arrested caused protests in Catalonia and political uncertainty continued to weigh on the Euro.

Meanwhile, the latest Eurozone ecostats failed to impress either. September’s Eurozone inflation figures met expectations, while ZEW’s latest economic sentiment survey fell short of forecasts in all major prints.

Australian Dollar (AUD)

The Australian Dollar strengthened slightly as investors reacted to September’s Westpac leading index, which rose from -0.1% to 0.1%.

GBP/AUD trended closer to the week’s opening levels this morning ahead of the release of Australia’s latest employment figures.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate dropped on Tuesday in response to New Zealand’s Q3 inflation data, which beat expectations in both quarterly and yearly prints.

However, the ‘Kiwi’ Dollar’s gains were limited following the second October Global Dairy Trade (GDT) auction, which saw prices of New Zealand’s most lucrative commodity drop -1%. The commodity is now at its lowest levels since April. On Wednesday morning, GBP/NZD recovered most of its losses and trended just below the week’s opening levels.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate tumbled on Tuesday as risk-correlated currencies like the ‘Loonie’ gained on a weak Pound.

While GBP recovered against AUD and NZD, GBP/CAD remained weak as negotiators indicated that talks on the North American Free Trade Agreement (NAFTA) would continue into next year. This bolstered hopes that NAFTA would not unravel as feared and made the Canadian Dollar more appealing.

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