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22nd September 2017 - Exchange Rates News written by TorFX for

22nd September 2017 News: Sterling (GBP) Traders Await Theresa May’s Brexit Speech

Pound Sterling (GBP)

The Pound has fluctuated against major currency rivals since Thursday’s trade session, as investors are anxiously anticipating a key Brexit speech from UK Prime Minister Theresa May.

May’s Brexit speech is being seen as an attempt to break the current deadlock in UK-EU negotiations, with reports suggesting she will propose a transitional deal to last for the two years following Brexit day in March 2019. The transitional deal could reportedly include the UK-EU divorce bill too.

If May’s speech impresses markets and appeases EU negotiators, the Pound is likely to end the week higher against other majors.

US Dollar (USD)

The Pound to US Dollar exchange rate advanced on Thursday evening due to anticipation for an upcoming Brexit speech.

While bets of a third 2017 US interest rate hike have risen, geopolitical tensions between the US and North Korea rose once again on Friday. North Korea threatened to test a hydrogen bomb over the Pacific Ocean in response to US President Donald Trump’s threats in a speech earlier in the week. As a result, markets are anxious and the US Dollar has weakened.

Euro (EUR)

The Pound to Euro exchange rate briefly neared weekly highs on Thursday evening, as investors firmed on the Pound in anticipation of an upcoming Brexit speech.

However, the pair slipped again on Friday morning in response to some strong Eurozone ecostats.

Markit’s preliminary September PMIs for the Eurozone came in much higher than expected in most prints. Germany’s manufacturing print came in at 60.6, beating expectations of 59, while German services rose from 53.5 to 55.6. France’s PMIs beat expectations in all major prints too.

The overall Eurozone PMIs also beat expectations in every print, indicating that the Eurozone economy may be growing at an even better pace than previously expected.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate surged on Thursday thanks to Brexit speech anticipation and dovish comments from Reserve Bank of Australia (RBA) Governor Philip Lowe.

Lowe indicated that the RBA was likely to leave monetary policy accommodative for quite some time still and repeated that the bank would not be influenced by the more hawkish attitudes of other major central banks.

Amid a lack of fresh economic data from Australia until next Friday, the risky ‘Aussie’ is likely to continue to be influenced by the strength of its rivals. A weaker US Dollar left the Australian Dollar more appealing on Friday morning.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate saw similar movement to GBP/AUD on Thursday. The pair advanced throughout the day and neared weekly highs overnight as investors firmed on the Pound, but a weaker US Dollar left the ‘Kiwi’ stronger on Friday.

NZ gains are likely to be limited for the rest of the day however, as markets are still uncertain about how the New Zealand general election will unfold. The election will be held on Saturday and the most recent polls indicate New Zealand’s National Party is likely to take the lead.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate continued its weekly climb and hit a two-month-high on Thursday night. Sterling easily capitalised on a weak Canadian Dollar, as Bank of Canada (BOC) officials indicated the strong ‘Loonie’ could influence future policy decisions.

Canada’s July wholesale sales report beat expectations, but the ‘Loonie’ only strengthened on Friday when it took advantage of US Dollar weakness and Brexit jitters.

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