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13th October 2017 - Exchange Rates News written by TorFX for

13th October 2017 News: Brexit Hopes from EU Negotiators Help Sterling (GBP) Soar

Pound Sterling (GBP)

After briefly tumbling to a fresh weekly low against some rivals yesterday afternoon, Sterling surged overnight.

The Pound’s volatility was due to the latest Brexit developments as EU negotiators indicated they could not only offer a transitional deal but also that they were preparing for UK trade talks for the future.

If the EU does indeed agree to a post-Brexit transitional period to help the UK ease into life without it, or shows a greater willingness to talk about post-Brexit trade, much of the recent GBP uncertainty could fade and the currency could see an improved long-term outlook.

US Dollar (USD)

The Pound to US Dollar exchange rate continued to climb on Friday morning after a brief dip on Thursday afternoon. Hope for a post-Brexit ‘grace period’ for Britain has left the Pound more appetising to investors.

However, the US Dollar could see a surge in demand before markets close for the week if September’s US Consumer Price Index (CPI) results impress investors.

The Federal Reserve has indicated that it will decide whether or not to hike US interest rates again depending on the strength of US inflation, so this report could be highly influential for Fed interest rate hike bets and the US Dollar.

Euro (EUR)

The Pound to Euro exchange rate has surged since Thursday evening, as investors become more hopeful that the EU is willing to help give the UK a post-Brexit transitional deal and help the economy ease into life without the bloc.

Most GBP/EUR movement has been due to Brexit news, as the latest developments in the Eurozone have had little effect on the Euro. European Central Bank (ECB) President Mario Draghi indicated that Eurozone interest rates would remain at their lowest levels long after the quantitative easing (QE) package has been unwound, which could keep some long-term pressure on the shared currency.

Friday saw the publication of Germany’s final September inflation rate, which met expectations and also had no notable influence on Euro movement.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate briefly tumbled yesterday, but by Friday morning was fluctuating near its weekly highs again.

GBP/AUD gains have been limited in recent sessions. Caution from the Federal Reserve’s latest meeting minutes caused a drop in Fed rate hike bets, leading to stronger demand for risky, high-yielding currencies like the ‘Aussie’.

Strong confidence data and better-than-expected home loan data in recent sessions has helped make the Australian Dollar more appealing again too.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate has actually dropped since yesterday despite the latest Brexit excitement.

GBP/NZD largely declined due to profit-taking, as the pair hit its best levels since May earlier in the week. This, on top of rising demand for risk-correlated currencies since Wednesday, has helped the ‘Kiwi’ to push Sterling lower. Still, unless upcoming New Zealand data impresses investors, GBP/NZD could continue to advance due to Brexit speculation and high Fed rate hike bets.

Canadian Dollar (CAD)

Despite stronger oil prices in recent sessions, the Pound to Canadian Dollar exchange rate has continued to advance and hit a new weekly high on Friday morning.

The oil-correlated Canadian Dollar has seen little influence from stronger oil prices but does seem to have been impacted by recent comments from US President Donald Trump.

Trump has indicated that he may still pull the US out of NAFTA, the North American Free Trade Agreement. This is a deal that Canada strongly benefits from, so concerns that Trump may undermine it in some way has left the ‘Loonie’ unappealing.

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