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20th November 2017 - Exchange Rates News written by TorFX for

20th November 2017 News: Euro (EUR) Plunges as German Coalition Talks Collapse

Pound Sterling (GBP)

After seeing mixed trade throughout last week, the Pound edged higher when European markets opened on Monday.

Sterling was slightly bolstered following weekend reports that UK Prime Minister Theresa May was prepared to increase the government’s offer in the Brexit divorce bill – a point of contention in Brexit negotiations.

Days ahead of his Autumn Budget statement, UK Chancellor Philip Hammond signalled that the government was prepared to raise its offer, but it’s widely expected the cabinet will clash over the issue.

US Dollar (USD)

The Pound to US Dollar exchange rate edged higher last week due to concerns about US tax reform and Trump-Russia news.

Reports that US Special Counsel Robert Mueller had issued subpoenas to multiple officials from the 2016 Trump presidential campaign weighed heavily on the ‘Greenback’ towards the end of last week.

Euro (EUR)

The Pound to Euro exchange rate dropped last week, as UK data disappointed and the Euro was supported by surprisingly strong Eurozone growth stats.

On Monday morning however, GBP/EUR advanced as the Euro broadly softened.

News that German Chancellor Angela Merkel’s coalition talks had fallen through caused investors to sell the shared currency.

Following four weeks of negotiations, the business-focused FDP Party pulled out of negotiations with Merkel’s CDU Party and the Green Party. Merkel will now meet with President Frank-Walter Steinmeier and the prospect of a snap election being called has caused panic in Eurozone markets.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate put in solid gains last week, as markets found risk-correlated currencies like the Australian Dollar highly unappealing due to political uncertainty in the US.

On top of this, poor commodity price news and concerning domestic data weighed heavily on the ‘Aussie’, making it easier for the Pound to register gains.

Investors were highly disappointed with Australia’s Q3 wage price data, which fell short of expectations and indicated that Australian wage pressures are much too weak to support tighter monetary policy from the Reserve Bank of Australia (RBA) any time soon.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate saw similar movement to GBP/AUD throughout last week.

Amid a lack of highly influential New Zealand data, US political concerns and poor commodity price data left risky investments like the ‘Kiwi’ unappealing.

Canadian Dollar (CAD)

GBP/CAD put in easy gains amid low risk-sentiment last week, despite Friday’s news that Canadian core inflation was rising.

Canada’s core October inflation rate rose from 0.8% to 0.9% year-on-year. However, as annual and monthly non-core inflation met expectations at 0.1% and 1.4% respectively, the Canadian Dollar failed to benefit. Investors are concerned that the slipping inflation figures will put off the chances of the Bank of Canada (BOC) continuing its interest rate hike cycle.

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