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US Dollar (USD) Boosted as Trump’s Tax Plans Take First Step - (20th October 2017)
Brexit Concerns and UK Retail Data Keep Pound (GBP) Unappealing - (19th October 2017)
Sterling (GBP) Static Despite Stronger-than-Expected Wage Data - (18th October 2017)
UK Inflation Rises to 3% in September, Pound Gains - (17th October 2017)
Hopes for Brexit Keep Pound (GBP) Buoyant - (16th October 2017)
Brexit Hopes from EU Negotiators Help Sterling (GBP) Soar - (13th October 2017)
Pound (GBP) Down from Weekly Highs - (12th October 2017)
Sterling (GBP) Stutters as UK Trade Data Disappoints - (11th October 2017)
Hopes for Reasserted UK Leadership Boosts Pound (GBP) - (10th October 2017)
Sterling (GBP) Recovers from Conservative Leadership Losses - (9th October 2017)
Pound Tumbles on May Speech, BoE Warning and Car Sales Slowdown - (5th October 2017)
Pound Prints Higher on Surprise UK Services Growth - (4th October 2017)
Pound Drops on UK Construction Contraction - (3rd October 2017)
Pound Down on UK Manufacturing PMI - (2nd October 2017)

Currency News

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

Today's News: Sterling (GBP) Recovers from Conservative Leadership Losses

Pound Sterling (GBP)

Sterling tumbled last week due to fresh anxiety about the leadership of the Conservative Party. After UK Prime Minister Theresa May’s clumsy speech at a Conservative Party conference, fears that May could be challenged or ousted as Tory leader intensified.

While the Pound did recover slightly on May’s pledge to remain Prime Minister and fight any potential challenges, the possibility of political uncertainty remains. This, as well as concerns that Brexit negotiations are not making considerable progress, have kept significant pressure on Pound trade.

Sterling may remain weak in the coming days amid a lack of influential UK data, but on Monday the Pound was able to move away from its worst levels.

US Dollar (USD)

The Pound to US Dollar exchange rate slumped to a one-month low last week. While the pair recovered from these lows when markets opened on Monday, Sterling’s recovery against the ‘Greenback’ could be limited.

Despite Friday’s news that US Non-Farm Payrolls worsened for the first time in seven years, investors remain confident that the Federal Reserve is headed towards hiking US interest rates a third time before 2018. The drop in NFP was largely put down to the tropical storms which have battered parts of the US.

US Dollar investors were also pleased with the latest US wage data. Average hourly earnings rose from 2.7% to 2.9% which helped Fed rate hike bets remain strong.

Euro (EUR)

The Pound to Euro exchange rate tumbled last week as uncertainty about the Brexit process and Britain’s leadership made the Pound less appealing.

However, GBP/EUR losses have been limited by recent developments in Spain regarding Catalan’s potential independence.

Despite attempts from the Spanish government to call the Catalonian independence referendum illegal, mutterings that Catalan’s leader Carles Puigdemont will declare independence in the coming days remain.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate fell last week due to British political concerns, but its losses were limited on Friday due to dovish comments from Reserve Bank of Australia (RBA) policymaker Ian Harper. Harper stated that Australia’s economic recovery had been ‘painfully slow’ and was concerned that tepid Australian wage growth weighed on the chances of any hawkish sentiment from the RBA in the foreseeable future.

This could continue to weigh on Australian Dollar strength in the coming days, unless domestic business confidence or consumer confidence stats really impress investors.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate saw modest losses last week, but GBP/NZD is currently recovering ground.

Bets that the Federal Reserve will hike US interest rates a third time in 2017 and political jitters in New Zealand have kept pressure on the ‘Kiwi’.

On Saturday the final results of New Zealand’s 2017 general election finally came in, and saw the leading National Party losing two more seats. This worsened uncertainty about the nation’s leadership as there is still little indication of which party NZ First will choose to make a coalition with.

Canadian Dollar (CAD)

The Canadian Dollar strengthened on Friday in response to positive domestic employment data.

However, prices of oil, Canada’s most lucrative commodity, have dropped in recent sessions. If they continue to fall, the ‘Loonie’ could be dragged lower.

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