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26th October 2017 - Exchange Rates News written by TorFX for

26th October 2017 News: Euro (EUR) Investors Anticipate European Central Bank (ECB) Policy Decision

Pound Sterling (GBP)

The Pound advanced on Wednesday as bets of a November interest rate hike from the Bank of England (BoE) rose.

Investors were inspired by Wednesday’s UK Gross Domestic Product (GDP) projections from Q3, which beat expectations. Quarter-on-quarter growth was forecast to remain at 0.3%, but rose to 0.4%. The yearly figure remained at 1.5% rather than slipping to the expected 1.4%.

US Dollar (USD)

The Pound to US Dollar exchange rate jumped to its best level in over a week in reaction to the UK’s growth figures.

While Wednesday’s US data beat expectations, it had little impact on GBP/USD movement.

US durable goods orders rose from 2% to 2.2% in September, beating 1% expectations. New home sales came in at 667k rather than the forecast 555k.

Sterling slipped slightly on Thursday morning but was able to hold most of its gains due to speculation about the next Federal Reserve Chair weighing on the US Dollar.

Euro (EUR)

The Pound to Euro exchange rate saw a solid advance on Wednesday, but by Thursday morning was trending closer to the week’s opening levels once again.

Investors firmed on the Euro ahead of the afternoon’s European Central Bank (ECB) policy decision, which is expected to see the bank announce plans to unwind its aggressive quantitative easing (QE) scheme.

A confident unwinding announcement would cause the Euro to surge, but this is currently seen as unlikely. Instead, markets expect the ECB will attempt to prevent further Euro gains by giving its QE plans a distinctly dovish undertone.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate surged on Wednesday due to a combination of poor Australian data and strong UK growth data. By Thursday morning, GBP/AUD was trending near its best levels since June.

Australia’s Q3 Consumer Price Index (CPI) has been the main thing keeping pressure on ‘Aussie’ trade over the last day. Australian inflation was forecast to come in at 0.8% quarter-on-quarter and 2% year-on-year, but only reached 0.6% and 1.8% respectively.

With both inflation stats falling short of expectations, any remaining hopes that the Reserve Bank of Australia (RBA) could take a more hawkish tone on monetary policy in the foreseeable future faded. The Australian Dollar was sold off across the board as a result.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate was boosted by UK growth data yesterday, while the New Zealand Dollar was kept under pressure by political uncertainties.

As the new Labour-NZ First coalition government establishes its plans for new policies in New Zealand, the ‘Kiwi’ is weak. New Zealand’s September trade balance update was slightly disappointing too, keeping additional pressure on the New Zealand Dollar.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate surged yesterday. Sterling was bolstered by UK growth stats, while a disappointing Bank of Canada (BOC) policy decision prompted investors to sell the ‘Loonie’.

The BOC doused hopes that another interest rate hike was on the cards before the end of the year with comments that it was willing to let the market run for a little while before making any changes to monetary policy.

This was due to uncertainty over domestic inflation, as well as concerns about the future of the North American Free Trade Agreement (NAFTA).

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