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23rd November 2017 - Exchange Rates News written by TorFX for

23rd November 2017 News: UK Growth Data Fails to Support Pound (GBP)

Pound Sterling (GBP)

The Pound fluctuated on Wednesday as investors digested the UK Autumn Budget.

Hammond’s Budget ultimately had little effect on the Pound, despite initially causing fluctuations.

While Hammond reassured markets with news that £3b would be prepared for Brexit contingency plans, investors were disappointed by news that the Office for Budget Responsibility (OBR) had significantly downgraded its UK growth forecasts for the next few years.

Sterling failed to find fresh support in Thursday’s UK growth projections either. While the quarterly growth rate beat expectations with 0.4%, the yearly rate remained at 1.5% as expected. The Q3 business investment figures both fell short of expectations.

US Dollar (USD)

The Pound to US Dollar exchange rate advanced on Wednesday amid concerns about the US inflation outlook.

Just a day after Fed Chairwoman Janet Yellen had expressed concern about US inflation trends, the latest FOMC meeting minutes illustrated that a considerable number of rate-setting officials were also worried about the risks of underwhelming inflation.

As expected, the minutes still indicated that the Fed was preparing to hike US interest rates in December, but this concern over consumer prices has left markets uncertain about what’s next for the Fed in 2018.

Euro (EUR)

The Pound to Euro exchange rate continued falling from its highs on Wednesday as Pound investors were unimpressed with the UK Autumn Budget, while the Euro was supported by an unexpectedly strong Eurozone consumer confidence report.

Markets were pleasantly surprised by news that the Eurozone consumer confidence projection for November actually came in well above the expected -0.8, and rose to 0.1. This figure was the first positive result for the bloc’s consumer confidence print since 2001.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate saw largely limp trade on Wednesday as the Pound was unable to benefit notably from Autumn Budget news, while the Australian Dollar remained supported by stronger demand for risk-correlated currencies.

Risk-sentiment has risen in recent sessions due to uncertainty in the US over the 2018 Federal Reserve outlook and tax reform plans. The Australian Dollar has struggled to capitalise, however, due to domestic economic concerns.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate slipped below the week’s opening levels on Thursday.

New Zealand’s Q3 retail sales report was expected to come in at 0.1% quarter-on-quarter but actually reached 0.2%. The yearly figure came in at 4.1%. This was the first NZ retail sales report to use a new methodology focusing on administrative data more than survey data.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate trended within a tight range on Wednesday and slipped towards the week’s opening levels on Thursday morning.

Pound investors were disappointed by the UK Autumn Budget, while Canadian Dollar investment was bolstered slightly by higher risk-sentiment. The Canadian Dollar could see stronger demand on Thursday if the latest Canadian retail sales results beat expectations.

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