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Pound Drops on UK Construction Contraction - (3rd October 2017)
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Currency News

20th September 2017 - Exchange Rates News written by TorFX for

Today's News: Strong UK Retail Stats Boost Sterling (GBP)

Pound Sterling (GBP)

Investors continued to sell the Pound on Tuesday, following Bank of England (BoE) Governor Mark Carney’s relatively cautious Monday comments.

After the Pound’s bullish surge last week, markets have cooled and have reassessed the likelihood of the BoE making multiple hawkish policy decisions in the coming year. Analysts have pointed out that the bank could simply be attempting to talk up the Pound without actually aiming to hike UK interest rates.

However, Sterling strengthened on Wednesday morning in reaction to a stronger than expected August retail sales report. UK retail sales jumped from 1.4% to 2.4% year-on-year and from 0.6% to 1% month-on-month, despite forecasts that both prints would slow.

US Dollar (USD)

The Pound to US Dollar exchange rate dropped on Tuesday, but its losses have been limited by the mixed strength of the US Dollar.

While bets of a third 2017 interest rate hike from the Fed have risen to around 57% in recent sessions, investors are anxious about Wednesday’s upcoming Federal Reserve policy decision.

Many analysts predict the Fed could begin to unwind its quantitative easing (QE) scheme during Wednesday evening’s Fed decision. Depending on the Fed’s announcements, US Dollar volatility could rise.

Euro (EUR)

The Pound to Euro exchange rate continued to slip on Tuesday and by Wednesday morning had shed last Friday’s gains.

While Sterling was sold from its highs, the Euro was bolstered slightly by ZEW’s September economic sentiment surveys. ZEW’s Eurozone survey only improved from 29.3 to 31.7, but Germany’s prints both beat expectations. German economic sentiment advanced to 17, while current conditions improved to 87.9.

Demand for the Euro remained relatively sturdy in early Wednesday trade too. Germany’s August PPI report beat expectations, keeping the shared currency buoyant.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate has been slipping since Tuesday, despite market disappointment in the Reserve Bank of Australia’s (RBA) latest meeting minutes. The minutes were largely unsurprising, issuing predictable warnings on Australia’s housing market and the strength of the Australian Dollar.

However, as the US Dollar (USD) has seen mixed movement ahead of Wednesday’s Federal Reserve policy decision, risky currencies like the Australian Dollar have benefitted.

New Zealand Dollar (NZD)

After flat trade at the beginning of the week, the Pound to New Zealand Dollar exchange rate has weakened in recent sessions as the ‘Kiwi’ has become more appealing.

On top of US Dollar weakness, the New Zealand Dollar has benefitted from domestic news. New Zealand’s Q2 current account report beat expectations of NZ$-0.88b and came in at NZ$-0.62b.

The latest Global Dairy Trade (GDT) dairy auction also bolstered ‘Kiwi’ demand, as dairy is New Zealand’s most lucrative commodity. Dairy prices rose by 0.9% in the latest auction.

Canadian Dollar (CAD)

While Sterling has slipped against most other major currencies this week, the Pound to Canadian Dollar exchange rate has advanced.

GBP/CAD edged higher in reaction to Bank of Canada (BOC) comments that the strong Canadian Dollar could become a factor in future policy decisions.

Tuesday’s Canadian manufacturing sales report from July disappointed too, as sales worsened from -1.9% to -2.6% month-on-month.

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