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

27th October 2017 News: European Central Bank (ECB) Cuts – But Doesn’t Taper – QE Program

Pound Sterling (GBP)

Demand for the Pound was limp on Thursday.

The latest car production results indicated that production was dropping due to business uncertainty about the Brexit process. A fresh retail report from the Confederation of British Industry (CBI) indicated that UK retail activity suffered a sharp and unexpected plunge in September and October. Analysts blamed the current UK pay squeeze for what CBI reported as the biggest drop in retail activity since the recession.

Overall, the day’s data, as well as the latest Brexit jitters, caused market bets of a November interest rate hike to slip. With the next Bank of England (BoE) meeting now under a week away, markets are highly uncertain on whether an interest rate hike is really possible. Sterling continued to drop on Friday morning.

US Dollar (USD)

The Pound to US Dollar exchange rate plummeted on Thursday and continued to fall on Friday, as concerning UK ecostats and Brexit uncertainties kept pressure on the Pound while the US Dollar benefitted from market optimism.

Traders are heavily anticipating developments in US President Donald Trump’s plans for tax reform and hope that it will successfully pass through Congress into law. On top of this, anticipation for December’s likely Federal Reserve interest rate hike is keeping investors keen to buy the ‘Greenback’.

Thursday saw the publication of the latest US jobless claims data, but this had no notable effect on USD trade.

Euro (EUR)

The Pound to Euro exchange rate advanced on Thursday as investors digested a dovish policy announcement from the European Central Bank (ECB).

The ECB confirmed that it would be cutting its bond purchasing quantitative easing (QE) scheme from €60bn to €30bn a month. As Draghi claimed it was not ‘tapering’ and indicated QE could still be extended further than September 2018 if necessary, investors hoping for the program to be fully unwound over the next year were disappointed. The news also indicated that it would be quite some time before the ECB was ready to hike Eurozone interest rates and tighten other policies – leaving the Euro weaker.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate has sustained most of its gains since Wednesday’s disappointing Australian Consumer Price Index (CPI) results.

Australia’s inflation results fell short of expectations and caused market hopes of the Reserve Bank of Australia (RBA) taking a hawkish tone any time soon to fade. Many analysts now believe the RBA will keep policy on hold until 2019 at the earliest.

Since then, investors haven’t really had a reason to buy the ‘Aussie’ and it has remained limp against the Pound.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate has edged down from its multi-month highs since yesterday as markets calm on New Zealand’s political uncertainties.

Analysts predict the New Zealand Dollar could have further to fall in the coming days, but this will depend more on global factors like the strength of the US Dollar rather than just New Zealand political news.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate has sustained most of its gains since the Bank of Canada (BOC) took a cautious tone in its Wednesday meeting, but has still slipped from the week’s best levels.

Uncertainties about Brexit and the UK economy have kept pressure on the Pound, while Canadian Dollar trade has cooled since Wednesday. Higher prices of oil, Canada’s most lucrative commodity, also supported the ‘Loonie’.

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