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8th November 2017 - Exchange Rates News written by TorFX for

8th November 2017 News: Pound (GBP) Struggles to Hold Highs as Investors Anticipate Brexit Developments

Pound Sterling (GBP)

The Pound remained relatively buoyed for most of Tuesday’s trade session despite some weak UK retail data from the British Retail Consortium (BRC) yesterday. Some analysts saw the news as reason to believe that the Bank of England (BoE) was wrong to hike the UK interest rate in its November meeting, but the report had little impact on Sterling.

US Dollar (USD)

The US Dollar performed well for most of Tuesday due to expectations of a December Federal Reserve interest rate hike, but its gains were limited due to a lack of fresh supporting stimulus.

Mutterings that the US corporate tax plans could be delayed caused the US Dollar to see mixed movement, but GBP/USD began to slip again on Wednesday morning regardless.

Euro (EUR)

The Pound to Euro exchange rate edged higher on Tuesday as Euro investors remained unenthused about the European Central Bank’s (ECB) monetary policy outlook.

Yesterday saw ECB President Mario Draghi telling European banks that they should cut costs rather than blame loose ECB policy for low profits. As a result, investors remained limp on the Euro and ignored the day’s better-than-expected Eurozone retail sales results from September.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate continued its advance throughout yesterday and hit a fresh high overnight. However, the pair has since dropped from these levels.

Strength in prices of commodities like iron ore and oil helped the ‘Aussie’ to recover against the Pound this morning.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate has seen mixed trade thus far this week. On Wednesday morning, the pair touched on its best level since markets opened on Monday, but the pair quickly dropped from these highs during the European session.

On top of domestic political concerns, the New Zealand Dollar has also been held back by news that prices of dairy, New Zealand’s most lucrative commodity, plunged -3.5% in the latest Global Dairy Trade (GDT) auction. This took prices to their worst levels since April.

However, due to market anticipation for the upcoming Reserve Bank of New Zealand (RBNZ) policy decision, the New Zealand Dollar’s losses have been limited.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate saw similar movement to GBP/AUD overnight, hitting its best levels all week before slipping from its highs due to strong commodity prices.

More analysts are raising their price forecasts for oil, Canada’s most lucrative commodity, including Morgan Stanley.

Investors were briefly disappointed by a speech from Bank of Canada (BOC) Governor Stephen Poloz on Tuesday evening. While Poloz remained confident that inflation would hit its 2% target eventually, investors hoping for more tightening on BOC monetary policy within the next few months were let down by his cautious tone.

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