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15th September 2017 - Exchange Rates News written by TorFX for

15th September 2017 News: Sterling (GBP) Surges on Bank of England Rate Hike Bets

Pound Sterling (GBP)

The Pound surged across the board during Thursday trade as investors reacted to a notable shift in tone from the Bank of England’s (BoE) latest meeting minutes, as well as comments from BoE Governor Mark Carney that followed in the evening.

While the bank left monetary policy frozen at its loosest levels as expected, the minutes indicated that the bank may willing to tighten UK monetary policy at a faster pace than expected if Britain’s economy continues to grow at its current rate.

Towards the end of the day, BoE Governor Carney made comments reflecting the surprisingly hawkish report. Carney indicated that the majority of Monetary Policy Committee (MPC) members think there may need to be some kind of interest rate adjustment in the coming months in order to tackle inflation.

US Dollar (USD)

The Pound to US Dollar exchange rate saw a strong advance yesterday due to Bank of England (BoE) news, despite the latest US inflation results impressing investors too.

GBP/USD climbed to its best levels in over a year and continued to trend near those highs on Friday morning.

‘Greenback’ traders were impressed by August’s US Consumer Price Index (CPI) results. Yearly inflation improved from 1.7% to 1.9% and monthly inflation from 0.1% to 0.4%. The yearly core inflation rate was also better-than-expected at 1.7%.

Bets for a December Fed rate hike jumped to over 50% in response to the news, but the US Dollar failed to hold its ground against the resurgent Sterling.

Euro (EUR)

The Pound to Euro exchange rate surged to its best levels since July yesterday in response to a surprisingly hawkish minutes report from the Bank of England (BoE).

Recent Eurozone ecostats have done little to alter Euro demand. The overvalued shared currency has been sold from its highs due to disappointment that the European Central Bank (ECB) was likely to leave interest rates frozen for a while in order to tackle soft inflationary pressures.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate climbed to its best levels since July as investors digested the latest Bank of England (BoE) news.

The Australian Dollar did see stronger demand briefly yesterday, due to Australia’s better-than-expected August employment results.

However, demand for the risk-correlated ‘Aussie’ weakened again on Friday due to news that North Korea had test fired another missile over Japan. The US Dollar’s latest burst of strength also weighed on risk-sentiment.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate easily surged yesterday as Sterling capitalised on recent ‘Kiwi’ weakness.

The New Zealand Dollar has seen mixed movement in recent sessions due to risk-aversion and uncertainty about New Zealand’s upcoming general election. With the Labour Party still polling strongly against the leading National Party, markets are uncertain about the outcome or how the next parliament will be formed.

August’s New Zealand business PMI did rise from 55.4 to 57.9, but this was unable to help the ‘Kiwi’ against a strong Pound.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate saw similar movement to other Pound exchange rates yesterday and surged to its best levels in weeks. Its gains were limited slightly by the recent broad strength of the ‘Loonie’, but the pair still appears likely to end the week near its best levels.

Thursday’s Canadian housing price index results from July were mixed. While the yearly print slipped from 3.9% to 3.8%, the monthly index beat 0.3% forecasts and jumped from 0.2% to 0.4%.

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