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30th November 2017 - Exchange Rates News written by TorFX for

30th November 2017 News: Brexit Hopes Keep Pound (GBP) Buoyant

Pound Sterling (GBP)

The British currency continues performing strongly against most major currencies on Thursday morning.

Sterling has climbed since it was reported that the UK and EU were getting close to agreeing a Brexit divorce payment, a development which would finally allow trade talks to progress.

While disagreements still surround the issue of the border between Ireland and Northern Ireland, UK and EU negotiators have both shown optimism that a deal can be reached in the coming days and Sterling’s advance has continued.

US Dollar (USD)

The Pound to US Dollar exchange rate has climbed in recent sessions despite strong US data and hopes for progress in Republican tax cut plans.

Wednesday saw the publication of the second Q3 Gross Domestic Product (GDP) projection for the US, which beat 3.2% expectations and came in at 3.3%. The day’s public consumption expenditure prices data met forecasts and had little impact on US Dollar trade.

News that US tax plans had passed notable hurdles also supported the US Dollar. Prospects for the bill have improved in recent days and if it succeeds the near-term USD outlook will brighten.

Euro (EUR)

The Pound to Euro exchange rate has advanced strongly in recent sessions and (as of Thursday morning) the pair trended near its best levels in around three weeks.

The Euro has seen support from Eurozone data so far this week but the shared currency has been unable to hold its ground against a strong Pound.

Wednesday’s Eurozone data was relatively strong. Spain’s preliminary November inflation data came in at 1.6% year-on-year as forecast and the Eurozone consumer confidence report for November came in at a positive 0.1 figure as projected.

The most notable figure was Germany’s yearly inflation rate projection from November, which came in at 1.8%, beating the expected 1.7%. However, Thursday’s German retail sales results came in with unexpected contractions of -1.2% month-on-month and -1.4% year-on-year.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate remains trading above a one-year high.

Thursday’s Australian data was fairly decent, but failed to boost AUD. Building permits beat expectations at 0.9% rather than the expected -0.9%.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate saw mixed movement earlier in the week as investors bought back into the New Zealand Dollar.

However, on Thursday the New Zealand Dollar tumbled due to a surprising plunge in business confidence. According to ANZ’s November business confidence report, confidence plunged from -10.1 to -39.3. Building permits were also down at -9.6%.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate has climbed in recent sessions and on Thursday morning was trending near its best levels since May on hopes for progress in Brexit negotiations.

Falling oil prices have weakened CAD, but as oil producers cooperating with OPEC are holding a meeting on the future of oil production cuts during Thursday’s session, the Canadian Dollar could see some support if oil prices begin to rise again.

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