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16th November 2017 - Exchange Rates News written by TorFX for

16th November 2017 News: Sterling (GBP) Strength Limited after Days of Poor Data

Pound Sterling (GBP)

The Pound saw mixed movement during Wednesday’s session. Yet another disappointing UK dataset put pressure on the British currency for most of the day as September’s jobs report revealed that employment had dropped for the first time since 2015.

This was partially due to a rise in the inactivity rate, which rose at its fastest pace for almost eight years.

However, towards the end of Wednesday’s European session, BoE Deputy Governor Ben Broadbent stated that if the Brexit process causes UK productivity to drop, the interest rate may need to be increased to help boost productivity. This lent Sterling some modest support.

UK retail sales data was published this morning, and while the data did slightly beat expectations in both prints, it had little immediate effect on Pound trade.

US Dollar (USD)

After a few days of technical bearishness in USD trade, the currency was bolstered during yesterday’s American session by inflation and retail stats.

The US inflation rate figures from October largely met expectations, but yearly core inflation unexpectedly picked up to 1.8%, despite being forecast to remain at 1.7%.

US retail sales also exceeded expectations. Monthly retail sales beat 0% forecasts and rose to 0.2%, while the yearly figure slipped from 4.8% to 4.6%.

Euro (EUR)

The Pound to Euro exchange rate tumbled to its worst levels in almost a month on Wednesday, as disappointing UK job market stats weighed on Sterling.

The pair recovered slightly from its lows towards the end of the day though. While the Euro has seen strong performance in recent sessions, a lack of influential data on Wednesday limited the shared currency’s strength against Sterling.

Thursday morning saw the publication of France’s latest unemployment rate, which worsened to 9.7% as forecast. However, October’s unemployment report from The Netherlands saw a solid improvement from 4.7% to 4.5%.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate climbed to its best levels in months yesterday, and continued to trend near those highs on Thursday morning.

Following Wednesday’s disappointing Australian wage price index report, this morning’s Australian job market stats did little to significantly boost demand for the unappealing ‘Aussie’.

Despite the surprisingly soft employment change figure of 3.7k, the national unemployment rate unexpectedly declined – although this was partly due to a dip in the participation rate.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate has climbed consistently in recent sessions due to a lack of demand for risk-correlated currencies like the ‘Kiwi’, as well as a lack of notably strong New Zealand data.

Thursday saw the publication of the ANZ Roy Morgan consumer confidence report for November, which slipped from 126.3 to 123.7 and ultimately had little notable effect on ‘Kiwi’ strength/

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate reached its best levels since early-November on Wednesday evening and has generally trended near those levels since due to low demand for risk-correlated currencies.

However, the GBP/CAD advance could hit an obstacle on Friday if Canada’s October inflation rate report impresses.

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