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9th November 2017 - Exchange Rates News written by TorFX for

9th November 2017 News: Sterling (GBP) Fails to Hold Highs as Political Uncertainty Rises

Pound Sterling (GBP)

The Pound fell from its weekly highs on Wednesday as markets attempted to wrap their heads around all the scandals affecting the UK Conservative Party.

Concerns that the ruling government’s strength and the perceived strength of Prime Minister Theresa May could be undermined if more high-ranking officials resign have caused investors to sell the Pound.

On Wednesday, then International Development Secretary Priti Patel resigned from her role following an unrecognised meeting with Israeli officials during a private holiday.

If UK Prime Minister Theresa May’s Conservative Party continues experiencing uncertainty it could have a negative effect on Brexit negotiations, which would definitely be Pound-negative.

US Dollar (USD)

The Pound to US Dollar exchange rate dipped back to the week’s opening levels on Wednesday due to weakness in the Pound, but the pair didn’t remain low for long as Sterling took advantage of a slightly weaker US Dollar.

As Sterling traders became more hopeful about upcoming Brexit discussions, the US Dollar was undermined by US tax reform concerns.

Following failed US healthcare plans earlier in the year, markets are concerned that tax reform could hit obstacles too. Any signs that the plan will be delayed or watered down will lead to further USD weakness.

Euro (EUR)

The Pound to Euro exchange rate trended slightly higher on Thursday morning on hopes Brexit discussions will start gaining momentum.

The Euro has been held back by the long-term European Central Bank (ECB) outlook and the prospect that policy will remain loose for longer. As the Federal Reserve continues to foresee US rate hikes, the divergence in policy has left the Euro unappealing.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate plunged on Wednesday as concerns about the UK political outlook and stronger risk-sentiment caused the pair to drop.

GBP/AUD continued fluctuating near the week’s opening levels on Thursday morning despite some poor Australian housing data as investors remained interested in risky currencies. Strong prices in commodities like oil and iron ore have boosted demand for commodity-correlated currencies like the ‘Aussie’.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate tumbled yesterday and continued dropping overnight as investors digested a more hawkish than expected Reserve Bank of New Zealand (RBNZ) policy decision.

As expected, the RBNZ left monetary policy frozen, with interest rates at 1.75%. The bank noted that policy was likely to remain accommodative for some time, but also stated that inflation was now expected to hit 2% targets more quickly than forecast. This caused the bank to bring its rate hike forecast forward into Q2 2019.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate dropped back to the week’s opening levels on Wednesday and remained near those lows on Thursday morning.

Some slightly stronger-than-expected Canadian housing data on Wednesday and sturdy oil prices have helped the ‘Loonie’ maintain its recovery against the Pound.

However, while oil prices hit their best levels in two and a half years this week, the commodity looks to slip from its best levels soon which could weigh on the Canadian Dollar in the coming sessions.

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