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4th October 2017 - Exchange Rates News written by TorFX for

4th October 2017 News: Pound Prints Higher on Surprise UK Services Growth

Pound Sterling (GBP)

In a forecast-defying turn of events, the UK’s services PMI rose in September. This has helped the Pound recover losses against the Euro and US Dollar.

With the week’s biggest UK news now out of the way, the only remaining source of Pound movement could a speech from a Bank of England (BoE) official. The BoE’s Sam Woods will be speaking this evening and could trigger Pound volatility with any comments about interest rates.

Euro (EUR)

On another good day for Eurozone data, the Euro has appreciated against the US Dollar but slipped against the Pound.

This follows higher reported services and overall composite activity in the Eurozone during September.

US Dollar (USD)

Speculation about the US Federal Reserve has affected the US Dollar recently, leading to USD losses for the most part.

Instead of looking at the odds of a December interest rate hike, traders have instead been speculating about the next Fed Chair.

The US Dollar has recently dipped because of concerns that the next leader might not be as pro-interest rate hike as other possible candidates.

There could be high USD turbulence following tonight’s speech by current Fed Chair Janet Yellen, as well as from earlier employment and economic activity measures.

Australian Dollar (AUD)

A slightly disappointing AU services measure has failed to damage the Australian Dollar today. AUD has appreciated against the Euro and US Dollar, along with most other currency rivals.

AUD could rise further on Thursday, when an early trade balance announcement is made. Forecasts have been for a rise in the reported trade surplus during August.

New Zealand Dollar (NZD)

While yesterday’s Global Dairy Trade (GDT) data showed a slump in global dairy prices, the New Zealand Dollar was able to shrug off initial losses.

The GDT price index showed a decline of -2.4%, following a prior rise of 0.9%. With no further NZ economic data out this week, the New Zealand Dollar could be most strongly influenced by any significant US Dollar movements.

Canadian Dollar (CAD)

Mixed signals from a Bank of Canada (BOC) official have left the Canadian Dollar slightly up against the Pound, Euro and US Dollar today.

Speaking on Tuesday, BOC Deputy Governor Sylvain Leduc stated that Canadian growth could slow over the coming quarters. The Deputy Governor did also state, however, that current growth was exceeding expectations.

CAD could gain on Thursday afternoon if the Canadian trade balance figures improve as forecast.

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