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3rd November 2017 - Exchange Rates News written by TorFX for

3rd November 2017 News: Sterling (GBP) Tumbles despite Bank of England Rate Hike

Pound Sterling (GBP)

The Pound plummeted across the board on Thursday as investors digested the latest Bank of England (BoE) policy decision.

The highly anticipated BoE meeting saw the bank hike UK interest rates for the first time since 2007, from 0.25% back to its pre-EU Referendum level of 0.50%.

Markets had come to expect that a rate hike would happen and many had speculated it could be the beginning of a rate hike cycle. As a result, the bank’s indication that it was an isolated rate hike, with future hikes looking to be ‘very gradual’, left hawkish investors disappointed.

Sterling recovered slightly from its lows on Friday morning when Britain’s October services PMI from Markit beat expectations. The print rose from 53.6 to 55.6, beating the expected 53.3.

US Dollar (USD)

The Pound to US Dollar shed its weekly gains and trended near its worst levels since early October on Thursday evening and Friday morning.

Now that the week’s Federal Reserve news has passed, uncertainty in US Dollar trade has lightened significantly. Markets widely expect the Federal Reserve will hike US interest rates in its December policy decision, and next year will see Fed Governor Jerome Powell appointed as Federal Reserve Chairman.

US President Donald Trump announced Janet Yellen’s successor on Thursday evening. As Powell is relatively dovish like Yellen, analysts expect the Fed outlook will be largely unchanged by the change in hands, which has lightened uncertainty further.

Euro (EUR)

The Pound to Euro exchange rate plunged on Thursday and hit its worst levels in over a week. The pair remained near those lows in Friday morning trade.

Demand for the Euro was supported by the day’s solid Eurozone ecostats, but most of the day’s movement was due to Pound weakness.

Germany’s October unemployment report came in slightly above expectations, while Eurozone manufacturing printed at a strong 58.5, just short of the expected 58.6.

On Friday morning, Spain’s October unemployment data showed that joblessness had risen by 56.8k, but this failed to help the Pound Euro exchange rate to rise.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate has been tumbling from its highs since Wednesday, but Thursday saw the pair plunge to its lowest levels in over a week.

Strong Australian trade data and stronger demand for risk-correlated currencies had bolstered ‘Aussie’ demand since Thursday, but Friday’s Australian data was not strong enough to keep the currency gaining. AiG’s Australian services PMI for October slipped from 52.1 to 51.4.

Retail sales data disappointed too. September’s Australian retail sales stagnated on the month after declining -0.5% previously; below the forecast 0.4%. As a result, GBP/AUD recovered slightly from its weekly lows.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate has fallen far from Wednesday’s 2017 high and currently trends near its worst levels in a fortnight.

A lack of notable developments in the New Zealand political or economic outlooks, as well as a lack of New Zealand ecostats, have left the currency appealing in the current risk-on environment. The ‘Kiwi;’ could continue to recover until next week’s Reserve Bank of New Zealand (RBNZ) policy decision, unless there are surprising NZ political developments.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate suffered a massive drop on Thursday due to the day’s Bank of England (BoE) dovish rate hike. The pair dropped from a four-month-high to its worst level in order a week.

A lack of notable Canadian data left the ‘Loonie’ benefitting from risk-on movement in markets and this week’s strong oil price news.

As Federal Reserve uncertainty has largely faded, investors are taking the opportunity to indulge in risk.

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