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

4th September 2017 News: Sterling (GBP) Benefits from Rival Weakness, Euro (EUR) Traders Await ECB

Pound Sterling (GBP)

GBP saw mixed trade last week, but due to some better-than-expected domestic data and a weaker Euro the Pound sustained gains against some major rivals.

The most notable UK datasets over the past seven days were July’s mortgage approvals, Bank of England (BoE) consumer credit, GfK’s August consumer confidence and Markit’s August manufacturing PMI, all of which beat expectations.

These prints indicated that some sectors of Britain’s economy were holding resilient, but overall they didn’t improve the Pound outlook considerably.

US Dollar (USD)

The Pound to US Dollar exchange rate advanced last week as Federal Reserve rate hike bets remained low and the latest US Non-Farm Payroll report was largely disappointing.

While August’s NFP results are typically volatile, investors sold the US Dollar on Friday.

The NFP change print was forecast to come in at 180k but instead slowed to 156k. The unemployment rate unexpectedly worsened from 4.3% to 4.4%.

Euro (EUR)

The Pound to Euro exchange rate jumped on Friday. Despite relatively sturdy Eurozone ecostats publishing in recent sessions, investors have become anxious about the upcoming European Central Bank (ECB) meeting and have sold the shared currency.

The ECB will hold its September policy meeting this Thursday and analysts had previously speculated that the bank would announce its plans to taper quantitative easing (QE) as soon as this week. However, the recent strength of the Euro may be an obstacle. Uncertainty about when the ECB will announce its next plans has helped GBP/EUR to advance.

Regardless, GBP/EUR slipped when markets opened this morning amid a lack of fresh reasons to buy the Pound.

Australian Dollar (AUD)

Despite making notable gains on Wednesday, the Pound to Australian Dollar exchange rate closed relatively flatly, near the week’s opening levels due to broad US Dollar weakness.

The risky Australian Dollar benefitted from the US Non-Farm Payroll report, which fell short of forecasts and weakened the US Dollar.

However, the Reserve Bank of Australia (RBA) will hold its September policy decision tomorrow and investors are concerned that the bank will make further comments on ‘Aussie’ strength. If the bank warns on the strength of the Australian Dollar again, GBP/AUD could advance as the ‘Aussie’ becomes less appealing.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate surged last week. The New Zealand Dollar was unable to benefit from a weaker US Dollar as more domestic concerns held the ‘Kiwi’ back.

The latest bomb tests from North Korea have left the New Zealand Dollar weaker, and uncertainty about New Zealand’s upcoming general election have also weighed on the currency.

With New Zealand’s 2017 general election set to take place on the 23rd of September, markets have become anxious that New Zealand’s Labour party could be surging in popularity. If Labour takes power in the election, it could mark the first time since 2008 that a party besides the National Party has run New Zealand.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate ended last week relatively flatly after shedding all of its Wednesday gains.

A weaker US Dollar, as well as Thursday’s highly impressive Canadian Gross Domestic Product (GDP) results from Q2 and June, helped the ‘Loonie’ to recover its losses against Sterling.

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