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12th October 2017 - Exchange Rates News written by TorFX for Exchange-Rates.com

12th October 2017 News: Pound (GBP) Down from Weekly Highs

Pound Sterling (GBP)

The Pound slipped against most major currencies on Wednesday. No fresh UK ecostats and persistent political uncertainties have left the British currency limp.

However, Sterling’s losses were limited. The currency held its ground slightly better on Thursday morning and remained above the week’s opening levels against most rivals due to hopes that the Bank of England (BoE) will still hike UK interest rates in November.

US Dollar (USD)

The Pound to US Dollar exchange rate continued its advance throughout Wednesday’s session and has now recovered around half of last week’s losses.

The US Dollar saw weaker performance on Wednesday evening following the publication of the Federal Open Market Committee’s (FOMC) latest meeting minutes.

Despite the hawkish tone taken by some Fed officials over the last month, the meeting minutes still indicated that many were concerned about the strength of US inflation. While policymakers noted that a third 2017 interest rate hike was likely to be appropriate, some stated it would depend on upcoming inflation data.

As a result, many traders sold the US Dollar and markets are now highly anticipating Friday’s US inflation report.

Euro (EUR)

The Pound to Euro exchange rate slumped yesterday, shedding all of its Monday gains and briefly touching its worst levels since the end of last week.

GBP/EUR losses were largely due to hopes that Catalonia’s leader wanted to negotiate with Spain rather than clearly attempt to declare independence from the Eurozone’s fourth biggest economy.

The shared currency slipped slightly on Thursday morning when France’s final September inflation report fell short of expectations, but the afternoon’s speeches from European Central Bank (ECB) officials could inspire further EUR movement.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate briefly touched a new weekly high on Wednesday evening, before tumbling on Thursday morning as markets finally began to buy the risky ‘Aussie’ again.

A cautious Federal Reserve meeting minutes report caused a drop in US interest rate hike bets and led to stronger demand for riskier, higher yielding currencies like the Australian Dollar.

‘Aussie’ demand was also supported by the latest Australian ecostats. Australia’s August investment lending for homes results came in at 4.3%, while the August home loans print beat expectations of 0.5% and came in at 1.0%.

New Zealand Dollar (NZD)

After hitting its best levels since May on Wednesday, the Pound to New Zealand Dollar exchange rate finally began to edge lower this morning as investors found their appetite for risk-correlated currencies.

Still, GBP/NZD losses were limited. Concerns about how New Zealand’s new government will unfold, as well as a lack of supportive domestic data, has left other risky currencies like the ‘Aussie’ comparatively more appealing.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate has fluctuated in a relatively narrow range since its advance on Monday.

The pair slipped slightly on Thursday morning as lower Federal Reserve interest rate hike bets supported the risky ‘Loonie’.

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