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24th November 2017 - Exchange Rates News written by TorFX for

24th November 2017 News: Brexit to Drive Pound Sterling Movement

Pound Sterling (GBP)

The Pound saw limp movement on Thursday as investors digested the day’s underwhelming UK ecostats. Britain’s second Q3 Gross Domestic Product (GDP) projections were slightly better-than expected quarter-on-quarter but the yearly figure came in at just 1.5% as expected.

On top of this, some Q3 business investment projections disappointed investors. The quarterly figure dropped from 0.5% to 0.2% and missed the expected 0.4%, while the yearly figure slumped from 2.5% to just 1.3%.

Sterling investors are now anticipating more Brexit developments, with markets hoping that some progress in UK-EU negotiations can be made by the end of the year.

US Dollar (USD)

The Pound to US Dollar exchange rate hit its best levels in over a month on Thursday and trended near those highs again on Friday morning as investors expressed disappointment with the Federal Reserve’s uncertain outlook on US inflation.

The Fed still expects to hike US interest rates again in December, but policymakers are concerned that US inflation will remain lacklustre, which might mean static interest rates in 2018.

Euro (EUR)

The Pound to Euro exchange rate tumbled on Thursday as Sterling was weighed down by disappointing domestic data and the Euro was bolstered by strong Eurozone PMIs. The pair recovered slightly on Friday morning however, so it’s still likely to end the week above its opening levels.

Markit published its November PMI projections for the Eurozone on Thursday which largely beat the expectations of even the most optimistic analysts. Germany’s manufacturing PMI, for example, is now projected to come in at 62.5, well above the previously expected 60.4.

Meanwhile, France’s PMIs all came in above expectations and overall the strong results boosted the Eurozone’s PMI stats.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate dropped back below the week’s opening levels on Thursday as the Australian Dollar benefitted from improved demand for risk-correlated currencies. With Australian data lacking for the next few days, risk appetite will be the main driver of AUD exchange rates.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate spent most of Thursday trending below its opening levels, but on Friday morning the pair recovered due to weaker demand for risk-correlated currencies.

The New Zealand Dollar was pressured further towards the end of the week by some underwhelming domestic data. New Zealand retail sales fell short of expectations quarter-on-quarter, and a surprising jump in October imports meant that New Zealand’s deficit only lightened to N$-871 rather than the expected N$-750.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate strengthened on Thursday and continued to advance on Friday morning, as investors were disappointed with the latest Canadian ecostats.

Thursday saw the publication of Canada’s September retail sales report. The yearly figure slumped from 7.1% to just 6.2%. Meanwhile the monthly figure came in well short of the forecast 0.9%, coming in at just 0.1% due to a slowdown in purchases for vehicles and clothing.

This weighed on hopes that the Bank of Canada (BOC) will hike Canadian interest rates again within the coming months.

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