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

22nd December 2017 News: UK Autumn Budget Ahead – What Next for GBP?

Pound Sterling (GBP)

After seeing relatively steady trade on Tuesday, the Pound slipped on Wednesday as investors became increasingly anxious about the upcoming Autumn Budget.

Analysts believe UK Chancellor Philip Hammond has little wiggle-room after the latest government borrowing data, and Sterling could slide if the budget is gloomy.

On the other hand, if the Budget reveals new fiscal policies or infrastructure plans aimed at bolstering consumers amid the ongoing pay squeeze, the Pound may rally. This, as well as hopes for progress in Brexit negotiations, could kickstart a Pound recovery rally.

US Dollar (USD)

The Pound to US Dollar exchange rate continued to test weekly highs on Wednesday morning despite anxiety ahead of the Autumn Budget.

An uncertain near-term outlook for US monetary policy after December, as well as uncertainty about US tax reform, have kept pressure on the ‘Greenback’. On Tuesday, Outgoing Fed Chairwoman Janet Yellen stated that she was very uncertain about the US inflation outlook and that while she expected inflation to rebound in the coming months, it could also remain low for years.

Euro (EUR)

The Pound to Euro exchange rate struggled to hold its best weekly levels on Tuesday, and on Wednesday morning was slipping as investors became anxious ahead of the upcoming UK Autumn Budget.

The outlook for the Euro remains uncertain however with the political landscape in Germany looking rocky.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate briefly hit a multi-month-high on Tuesday morning before falling back due to comments from Reserve Bank of Australia (RBA) Governor Philip Lowe.

Lowe stated that while he was concerned about domestic wage growth and saw no reason for monetary policy action from the RBA in the foreseeable future, the next move was more likely to be a rate hike than a rate cut, allowing the Australian Dollar to climb.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate dropped back from its weekly highs on Tuesday, as investors gained an appetite for risk-correlated currencies.

As a result, GBP/NZD continued to fluctuate near the week’s opening levels, despite a highly disappointing dairy price result from the Global Dairy Trade (GDT) index.

Prices of dairy, New Zealand’s most lucrative commodity, tumbled by -3.4% in the second November meeting, partially due to a dairy oversupply. This took dairy prices to their worst levels since March.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate fell back from its weekly highs on Tuesday. Demand for the Canadian Dollar was bolstered as investors bought into oil ahead of a key oil producers meeting next week.

OPEC is expected to extend its oil production cut plans well into 2018 in order to continue stimulating demand for the commodity. As oil is Canada’s most lucrative commodity, this bolstered the Canadian Dollar.

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