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7th February 2017 - Exchange Rates News written by TorFX for

7th February 2017 News: Reserve Bank of Australia (RBA) Takes Hawkish Stance, AUD Boosted

Pound Sterling (GBP)

The Pound trended limply on Monday.

Monday saw the publication of a UK business manager survey. Out of 114 managers, 58% of them stated their business had felt a negative impact from the Brexit vote while just 11% noted a positive impact. Many managers expressed concern that they would be losing access to skilled EU labour and wanted this to be a key part of Brexit negotiations.

It also emerged, as expected, that many UK firms are going to hike consumer prices in 2017 due to the Pound's drop in value. This, as well as concerns about this week's Article 50 debates in UK Parliament have left the Pound weak.

A slump in UK house prices on Tuesday also weakened GBP demand.

US Dollar (USD)

The Pound to US Dollar exchange rate weakened on Monday as Sterling was affected by Brexit concerns.

Demand for the US Dollar improved on Monday following last week's weakness, as investors bought into 'safe haven' currencies. Concerns about the Brexit process as well as fears that the Euro may be destabilised if far-right parties win this year's Eurozone elections left investors seeking safer assets.

Bullish comments from the Philadelphia Federal Reserve President stating that he supported an interest rate hike in March also left the 'Greenback' stronger.

Euro (EUR)

The Pound to Euro exchange rate fluctuated on Monday as the day's Eurozone data and news was not enough to give the shared currency fresh support.

Retail PMI figures from Markit weakened the Euro. Comments from European Central Bank (ECB) President Mario Draghi also hurt the appeal of the Euro as he played up the importance of ECB stimulus measures. Some investors even saw this as a sign that the bank could extend quantitative easing into 2018.

Increased strength in the US Dollar as well as concerns that far-right French Presidential candidate Marine Le Pen could win this year's election are liable to keep EUR under pressure.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate fluctuated in a relatively tight range for most of Monday's session as the Australian Dollar was sold off from last week's highs in profit-taking, while the weak Pound was unable to capitalise.

Then on Tuesday morning, the Reserve Bank of Australia (RBA) held its first monetary policy decision of 2017 and left Australian rates frozen as predicted. However, demand for the 'Aussie' strengthened following the meeting as RBA Governor Philip Lowe indicated that the bank was highly hesitant to introduce further easing in the foreseeable future. As a result of this hawkish tone, RBA rate cut bets plunged and AUD strengthened.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate largely trended flatly on Monday. Despite a lack of demand for risk-correlated currencies, the weak Pound failed to register any gains throughout the day.

The 'Kiwi' could firm on Tuesday if prices of dairy (New Zealand's primary commodity export) improve in the day's Global Dairy Trade (GDT) auction.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate made a solid advance on Monday as the Canadian Dollar weakened on the latest oil concerns.

Signs are increasing that US oil output is rising and could fill in the gaps left by OPEC's oil production cut deal. Russia's finance ministry also put out a forecast suggesting that oil may not break past US$60 per barrel before 2019.

Disclaimer: This update is provided by TorFX, a leading foreign exchange broker, its content is authorised for reuse by affiliates.

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