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25th October 2017 - Exchange Rates News written by TorFX for

25th October 2017 News: UK Growth Results Beat Expectations, Boost Pound (GBP)

Pound Sterling (GBP)

The Pound tumbled against many major currencies on Tuesday as investors became anxious that Britain’s economy is not currently able to support higher interest rates.

This was due largely to cautious commentary from Bank of England (BoE) Deputy Governor Sir Jon Cunliffe. Cunliffe indicated that he wasn’t at all confident that a rate hike would happen in next week’s November policy decision given the recent slowing in British economic growth.

Britain’s Q3 Gross Domestic Product (GDP) projections beat expectations on Wednesday morning. The quarterly figures unexpectedly rose from 0.3% to 0.4% while the yearly figure held at 1.5%, instead of 1.4%. This boosted BoE rate hike bets slightly and the Pound strengthened again.

US Dollar (USD)

The Pound to US Dollar exchange rate dropped on Tuesday. Comments from BoE member Jon Cunliffe weakened the Pound, while the US Dollar benefitted from strong Federal Reserve interest rate hike bets and an impressive set of US PMI projections from Markit.

Markit’s US PMI projections for October beat expectations in all major prints. Manufacturing came in at 54.5 and services at 55.9. This boosted the composite print from 54.8 to 55.7. While USD traders prefer ISM’s PMIs to Markit’s, these stats were enough to keep the ‘Greenback’ sturdy.

Euro (EUR)

The Pound to Euro exchange rate dropped below the week’s opening levels on Tuesday as a weak Sterling was easily pushed lower by a slightly stronger Euro.

Demand for the Euro rose following the publication of Markit’s October PMI projections for the Eurozone. While manufacturing looks to have beaten expectations in the bloc overall, many services prints disappointed. As a result, the Eurozone composite PMI is projected to have slipped from 56.7 to 55.9, rather than the expected 56.5.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate surged to a new weekly high following the publication of Wednesday’s Australian Consumer Price Index (CPI) report.

Australian inflation was forecast to have risen to 2% year-on-year. However, the yearly figure actually slowed from 1.9% to 1.8%. The worse-than-expected Australian inflation data put off hawkish AUD investors and dashed remaining hopes that the Reserve Bank of Australia (RBA) could take a hawkish tone in the foreseeable future. As a result, the ‘Aussie’ plunged.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate advanced again on Tuesday, hitting its best levels since the Brexit vote in 2016, as investors reacted to some policy pledges from New Zealand’s new Labour-NZ First government.

The government announced that it would be looking at reassessing the ‘Reserve Bank Act’, meaning it was hoping to change the powers of the Reserve Bank of New Zealand (RBNZ). This caused uncertainty in NZD trade and helped GBP/NZD make easy gains.

Canadian Dollar (CAD)

The Pound to Canadian Dollar slipped back towards the week’s opening levels on Tuesday, as investors sold the Pound and began to anticipate the Bank of Canada’s (BOC) upcoming policy decision.

The bank will be announcing its October policy decision during Wednesday’s American session. Investors are anxious that the bank could express disappointment with recent Canadian inflation stats and take a more dovish tone, which would lead to a drop in the Canadian Dollar.

On the other hand, if the bank indicates that another Canadian interest rate hike is possible before the end of the year, GBP/CAD is likely to fall.

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