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7th September 2017 - Exchange Rates News written by TorFX for

7th September 2017 News: Canadian Dollar Holds onto Gains after Surprise BOC Rate Hike

Pound Sterling

Confidence in the Pound remained limited as Brexit developments continued to weigh on market sentiment. Even in the wake of the backlash to the leaked Home Office immigration proposals there are fears that the government is continuing to pursue a harder form of Brexit. With clashes over the repeal bill likely in parliament over the coming days the appeal of Sterling seems unlikely to pick up any time soon.


Even though the latest German industrial production figures proved disappointing this was not enough to weigh down the single currency today. EUR exchange rates remained in a generally bullish mood ahead of the European Central Bank (ECB) policy decision, although the prospect of any imminent action remains relatively slim. If policymakers do opt to make some adjustment to the quantitative easing program or make any mention of tapering this could see the Euro extending its gains further over the course of the afternoon.

US Dollar

As US government funding was extended until December, removing the immediate threat of a potential shut-down, this did not keep the US Dollar on a stronger footing. Markets remain jittery over the domestic political outlook, with the issue merely kicked down the road and set to flare up once again before the end of the year. However, if this afternoon’s jobless claims data points towards continued tightening of the labour market this could offer the ‘Greenback’ a rallying point.

Australian Dollar

A uniformly disappointing raft of Australian data saw the ‘Aussie’ trending lower this morning, with investors continuing to lack incentive to favour the antipodean currency. As retail sales stagnated in July and the trade surplus unexpectedly narrowed this undermined confidence in the health of the domestic economy. With the latest construction PMI also showing a marked loss of momentum the mood towards the Australian Dollar naturally continued to sour.

New Zealand Dollar

The mood towards the ‘Kiwi’ remained bearish on Thursday in the absence of any fresh New Zealand data. With markets still somewhat jittery over the recent escalation of global geopolitical tensions support for the New Zealand Dollar has been distinctly limited. Even so, if tonight’s second quarter manufacturing activity data proves positive this could help to improve the appeal of the ‘Kiwi’ in the short term.

Canadian Dollar

After the Bank of Canada (BOC) surprised markets with its second interest rate hike in as many months the ‘Loonie’ surged higher across the board. This move indicated that policymakers remain in a positive mood about the domestic outlook, with the Canadian economy having continued to demonstrate robustness. As oil prices also remained elevated this kept the Canadian Dollar on an uptrend overnight, even as the appeal of higher-yielding assets remained relatively limited.

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