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27th November 2017 - Exchange Rates News written by TorFX for

27th November 2017 News: Euro (EUR) Supported by Hopes of ‘Grand Coalition’

Pound Sterling (GBP)

The Pound fluctuated towards the end of last week as disappointing domestic data counteracted news that the UK government was planning to offer a higher sum in the UK-EU ‘divorce bill’.

Sterling was also supported by comments from Bank of England (BoE) policymaker Silvana Tenreyro, who indicated that current market expectations for UK rate hikes (two over the next three years) seemed like a reasonable outlook, but that tighter policy may prove necessary depending on how Brexit unfolds.

US Dollar (USD)

Despite UK economic concerns, the Pound to US Dollar exchange rate climbed for most of last week due to a lack of supportive factors in US Dollar trade. Investors are anxious about US tax reform plans and the near-term Federal Reserve outlook amid uncertain US inflation forecasts.

On top of this, other parts of the US economic outlook have become uncertain too. Friday’s US Markit PMI projections for November came in lower than expected, with the manufacturing PMI slowing from 54.6 to 53.8 and the overall composite PMI dropping from 55.2 to 54.6.

While Markit’s US PMIs are not typically hugely influential, these projections raised concerns that this week’s ISM PMIs and other growth stats may also disappoint.

Euro (EUR)

The Pound to Euro exchange rate tumbled on Friday and continued edging lower after the weekend.

The Euro became more appealing after it emerged that a ‘grand coalition’ was beginning to look more likely in Germany.

The previous German government was a coalition between Germany’s two major parties, Chancellor Merkel’s conservative CDU and the centre-left SPD. SPD initially indicated that it would not be taking part in another coalition, but following a negotiation fallout between Merkel and the FDP Party, many politicians are suggesting another ‘grand coalition’ is preferable to a snap election taking place.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate edged higher towards the end of last week as Sterling was supported by hopes that there would soon be progress in Brexit negotiations.

The Australian Dollar has seen little influence from domestic news in recent sessions and has largely reacted to risk-sentiment. Recent US Dollar weakness has helped the risky Australian Dollar become more appealing, but its strength has been limited by a lack of supportive domestic news.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate ended last week relatively close to its opening levels as stronger commodity prices and a more uncertain US economic outlook, made risky currencies more appealing.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate advanced last week. Despite stronger demand for risk-correlated currencies, the Canadian Dollar was sold towards the end of the week due to some underwhelming Canadian ecostats.

Thursday’s Canadian retail sales stats failed to meet expectations, worsening concerns that Canadian growth isn’t as strong as expected. Friday’s Canadian budget balance was underwhelming too as the budget deficit worsened from C$-2.6b to C$-3.2b.

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