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8th September 2017 - Exchange Rates News written by TorFX for

8th September 2017 News: Euro (EUR) Stronger on ECB President Draghi’s Press Conference

Pound Sterling (GBP

The Pound saw mixed trade on Thursday. Investors overlooked the day’s low-influence UK ecostats and the currency reacted largely to the strength of its rivals.

Thursday’s house price index report from Halifax improved from 2.1% to 2.6% year-on-year, and from 0.7% to 1.1% month-on-month.

Today’s UK ecostats bolstered Sterling support too. July’s trade deficit ended up much lighter than expected, while manufacturing production was better-than-expected in July.

However, the Q2 construction output figure came in with a concerning -12.6% contraction.

US Dollar (USD)

The Pound to US Dollar exchange rate continued its climb yesterday and by Friday morning was trending near its best levels since the beginning of August. GBP/USD looks on track to sustain its best week of gains in some time.

Another session of US Dollar weakness was caused largely by a stronger Euro, but also low Federal Reserve rate hike bets and disappointing jobless claims data. Due partially to the damage caused by Hurricane Harvey in Texas, the number of new jobless claims hit its highest level in over two years.

Investors didn’t appear swayed by New York Federal Reserve President William Dudley’s support for a December interest rate hike.

Euro (EUR)

The Pound to Euro exchange rate tumbled yesterday following the day’s European Central Bank (ECB) news.

As expected, the ECB left monetary policy frozen and most of the Euro’s movement came during the following press conference from ECB President Mario Draghi.

Draghi’s statement included the indication that the ECB had already had preliminary discussions on quantitative easing (QE) adjustments and that most of the biggest QE decisions would be made in October’s meeting.

Investors were also encouraged by Draghi’s hesitance to talk about Euro exchange rates. This indicated the bank is not majorly concerned about the Euro’s strength.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate has fluctuated throughout the week so far, but slumped yesterday as a weak US Dollar made risky currencies like the Australian Dollar more appealing.

Despite underwhelming Australian ecostats in recent sessions, GBP/AUD hit a weekly low this morning before rebounding closer to the week’s opening levels.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate briefly hit a new multi-month high yesterday before tumbling once more. The volatile GBP/NZD pair has fluctuated throughout the week so far and could end up relatively closely to its opening levels.

New Zealand’s Q2 manufacturing sales results bolstered ‘Kiwi’ support slightly on Friday, as it improved from -0.1% to 0.4%.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate continued to fall yesterday as investors remained bullish on the ‘Loonie’ following this week’s surprising Bank of Canada (BOC) interest rate hike.

However, the Canadian Dollar’s win-streak stopped towards the end of the day as investors digested a disappointing duo of Canadian ecostats. August’s Ivey PMI slowed from 60 to 56.3 despite being expected to rise to 61.3, while July’s building PMI contracted more than forecast.

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