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10th November 2017 - Exchange Rates News written by TorFX for Exchange-Rates.com

10th November 2017 News: Political Concerns Weigh on Pound (GBP)

Pound Sterling (GBP)

The Pound slipped again on Thursday as political uncertainty continued weighing on the currency.

Following high-profile resignations within Britain’s ruling Conservative Party in recent weeks, investors were disappointed by news that replacements were ideologically similar to their predecessors. Markets were hoping for more ‘soft Brexit’ supporting politicians in UK Prime Minister May’s cabinet. Thursday saw Brexit campaigner Penny Mordaunt replace Priti Patel as the UK International Development Secretary.

Pound traders are also concerned about the strength of the PM’s position as Brexit talks continue.

US Dollar (USD)

The Pound to US Dollar exchange rate avoided further losses on Thursday despite UK political concerns as the US Dollar weakened against many major rivals.

Recent sessions have seen markets becoming increasingly anxious about how US tax reform plans could fair in Congress.

A Senate Republican tax bill was put forward on Thursday and it differed from the House Republican tax bill. To markets, the key difference was that the Senate bill would delay a corporate tax cut until 2019. This led to many traders selling the ‘Greenback’.

Euro (EUR)

Demand for the Euro rose on Thursday, while Eurozone government bond yields surged too.

The day’s European Central Bank (ECB) economic bulletin stated that the bank expected the Eurozone to continue seeing strong economic growth throughout the second half of 2017. This helped support the shared currency.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate spent most of Thursday trending near the week’s opening levels due to political uncertainty weighing on the Pound.

Australian Dollar traders were highly disappointed by the Reserve Bank of Australia’s (RBA) latest economic forecasts. The bank cut its growth forecasts and noted that it would likely miss its inflation targets for four years in a row. The bank now expects that inflation will gradually improve, but will not rise above the targeted 2% until the end of 2019.

New Zealand Dollar (NZD)

A slip in demand for risk-correlated currencies helped the Pound recover against the ‘Kiwi’. The New Zealand Dollar was also weakened slightly when New Zealand Finance Minister Grant Robertson indicated that the Reserve Bank of New Zealand (RBNZ) may change its target band for inflation when a new Governor is appointed.

Canadian Dollar (CAD)

The Canadian Dollar has been supported by strong oil price news in recent sessions but could still drop before markets close for the week. Prices of oil have begun to slip from their best levels and risk-sentiment is fading, meaning the Canadian Dollar could be about to weaken.

However, analysts generally expect the ‘Loonie’ to see strong performance over the coming months. This is because the Bank of Canada (BOC) is expected to continue hiking interest rates over the next year.

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