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14th September 2017 - Exchange Rates News written by TorFX for

14th September 2017 News: Pound (GBP) Investors Anticipate Bank of England (BoE) Meeting

Pound Sterling (GBP)

The Pound saw mixed trade yesterday. While investors were disappointed with the day’s underwhelming UK wage growth results, anticipation for Thursday’s upcoming Bank of England (BoE) policy decision remained in focus and helped to keep the British currency sturdy.

July’s UK unemployment rate improved from 4.4% to 4.3% due to an unexpectedly high number of new jobs created. However, wage growth remained at 2.1% in both bonus and non-bonus prints, failing to advance as forecast to 2.3% and 2.2% respectively.

If Thursday’s Bank of England meeting turns out to be more cautious than markets hope, the Pound could tumble as BoE dovishness and UK economic concerns mount again.

US Dollar (USD)

The Pound to US Dollar exchange rate fell back from its weekly highs yesterday due to market disappointment in Britain’s July wage growth results. Concerns about Britain’s pay squeeze worsened following the report, helping a strengthening US Dollar to push GBP/USD lower.

Recent US data has done little to boost Federal Reserve rate hike bets or the US Dollar, but Fed bets have improved this week regardless due to anticipation for upcoming US inflation data. If the inflation report disappoints on Thursday, GBP/USD is likely to soar again.

Euro (EUR)

The Pound to Euro exchange rate briefly dipped on Wednesday due to disappointment with Britain’s July wage growth results. By the end of the day though, GBP/EUR was trending relatively flatly near the week’s highs again.

Wednesday’s Eurozone data did little to inspire strength in the shared currency. Eurozone employment beat expectations in Q2, but German finalised inflation merely met earlier projections and July’s industrial production results fell short. Thursday’s inflation stats from France and Italy generally met expectations which had little effect on Euro movement.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate hit a fresh monthly high yesterday but, due to disappointing UK wage data and a strengthening ‘Aussie’, the pair fell this morning.

A highly impressive Australian employment report from August boosted ‘Aussie’ demand on Thursday. The employment change figure was forecast to come in at 15k but instead printed at an impressive 54.2k. Full-time employment improved by 40.1k.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate has fluctuated in recent sessions due to volatility in the ‘Kiwi’.

Investors have lacked a reason to buy the risky New Zealand Dollar in recent weeks, favouring its rivals like the Australian Dollar and Canadian Dollar. GBP/NZD could surge today if Bank of England (BoE) news impresses.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate dropped back from its September highs yesterday due to UK wage data. The Canadian Dollar held its ground due to general market optimism about Canada’s economic outlook.

News of rising oil prices has also helped to boost the oil-correlated Canadian Dollar. Increases in demand for the commodity from Europe and the US has led to stronger prices.

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