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Exchange Rate News:

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Pound Drifts Higher as Investors Brace for BoE Rate Decision - (30th October 2017)

Currency News

30th October 2017 - Exchange Rates News written by TorFX for Exchange-Rates.com

Today's News: Pound Drifts Higher as Investors Brace for BoE Rate Decision

Pound Sterling

The Pound (GBP) is trending slightly higher against the majority of its peers at the start of this week’s session as markets focus on the Bank of England’s (BoE) upcoming rate decision on Thursday, with analysts remaining confident that the Bank will hike rates despite some lingering doubts in recent weeks.

However a release from the Institute for Fiscal Studies could temper Sterling’s gains this morning as the report suggests that Chancellor Philip Hammond may be facing a £20bn ‘black hole’ in public finances, dampening hopes that his upcoming budget may have some wiggle room to help boost growth.

Euro

The Pound Euro (GBP EUR) exchange rate is trending in a narrow range this morning, consolidating the gains made in the latter half of last week in the wake of the European Central Bank’s (ECB) latest policy meeting.

Sentiment in the single currency sank last Thursday as investors were disappointed by the announcement that the bank would extend its current round of bond purchases until at least September.

The Euro may begin this week on the back foot as well as economists forecast that Germany’s latest CPI data will show that inflation fell from 1.8% to 1.7% in October.

US Dollar

Sterling is drifting higher against the US Dollar (USD) this morning, recouping some of the losses seen on Thursday.

The ‘Greenback’s losses this morning appear to involve some profit taking after the US currency surged at the end of last week following an impressive third quarter GDP report.

The US Dollar may push back again later this afternoon however as the latest US Personal Spending data is expected to show that consumer spending jumped from 0.1% to 0.8% in September.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate climbed around half a cent in early trade this week as markets brace for the BoE rate decision later this week, with the odds of a rate hike currently sitting at around 80%.

Australian Dollar

Sterling also advanced against the Australian Dollar (AUD) during the Asian session last night as investors shied away from the commodity-correlated ‘Aussie’ following another slump in iron ore prices, with the key Australian export threating to fall below $60 a tonne.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate surged by over a cent at the start of this week’s session as New Zealand’s new Finance Minister Grant Robertson suggested that the Reserve Bank of New Zealand’s (RBNZ) mandate may be changed to also focus on meeting full employment, possibly delaying plans to raise interest rates.

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