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6th September 2017 - Exchange Rates News written by TorFX for Exchange-Rates.com

6th September 2017 News: German Retail PMI Rebound Boosts Euro Exchange Rates

Pound Sterling

With no fresh domestic data set for release today the Pound lacked any particular direction against its rivals. Even so, speculation over Brexit could see GBP exchange rates come under fresh pressure as markets continue to see no real progress towards any meaningful agreement with the EU. If the prospect of a hard exit continues to loom over the UK economy Sterling may struggle to find any particular cause for confidence in the coming days.

Euro

Although German factory orders unexpectedly contracted on the month in July this was not enough to dent the Euro on Wednesday morning. The single currency instead rallied on the back of a sharp uptick in the latest German retail PMI, which encouraged hopes that domestic consumer confidence is picking up again. While Eurozone data on the whole continues to paint a rather mixed picture of the domestic outlook investors are still hopefully ahead of tomorrow’s European Central Bank (ECB) policy meeting.

US Dollar

The latest commentary from members of the Federal Open Market Committee (FOMC) did not do much to improve the likelihood of the Fed achieving a third interest rate hike before the end of the year. Even so, with markets still jittery in response to escalating Korean tensions the US Dollar soon returned to a stronger footing. However, if this afternoon’s ISM non-manufacturing composite fails to show an uptick in economic momentum this could weigh heavily on the ‘Greenback’.

Australian Dollar

Investors were ultimately disappointed by the second quarter gross domestic product data, which failed to show an acceleration in momentum on the year. While the economy still showed solid growth on the quarter this was not enough to keep the Australian Dollar on an uptrend this morning, with the prospect of any imminent Reserve Bank of Australia (RBA) action looking slim. As base metal prices remain volatile in response to rising geopolitical tensions the potential for an ‘Aussie’ rally may prove limited.

New Zealand Dollar

In spite of a modest uptick in prices at the latest Global Dairy Trade auction the New Zealand Dollar failed to hold onto its gains for long. Confidence in the ‘Kiwi’ remains limited thanks to the uncertainty surrounding the outcome of the New Zealand election, with support for the Labour party still rising. With the general sense of market risk appetite still soft as a result of tensions surrounding North Korea NZD exchange rates are likely to struggle to find any particular traction.

Canadian Dollar

As markets brace for the latest Bank of Canada (BOC) policy meeting the mood towards the ‘Loonie’ has remained somewhat muted. Even though there are no real expectations for the BOC to raise interest rates at this juncture investors are still hoping to see some fresh signs of hawkishness, which could help to set CAD exchange rates on a renewed uptrend. With oil prices already on a bullish footing another drop in US inventories could increase the appeal of the Canadian Dollar further.

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