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13th November 2017 - Exchange Rates News written by TorFX for

13th November 2017 News: UK Political Concerns Jump Again and Sterling (GBP) Plunges

Pound Sterling (GBP)

After edging higher against most major currencies last week, the Pound took a tumble when markets opened on Monday.

Concerns are rising that UK Prime Minister Theresa May could be unseated. Foreign Secretary Boris Johnson and Environment Secretary Michael Gove wrote a letter to May in complaint that some sections of the government were not preparing sufficiently for a ‘hard Brexit’. A report from The Sunday Times indicated that 40 members of the Conservative Party were willing to vote ‘no confidence’ in May, which is just 8 votes less than a formal leadership challenge would need.

US Dollar (USD)

The Pound to US Dollar advanced for most of last week due to concerns in the US that US tax reform plans would have to be scaled back somewhat. US consumer confidence unexpectedly dropped from 100.7 to 97.8, while the US Republican Party’s new version of a tax reform bill indicated that corporate tax may not be implemented until as late as 2019. This also weighed slightly on 2018 Federal Reserve interest rate hike bets.

However, on Monday morning, weakness in the Pound caused GBP/USD to quickly shed all of its recent gains and trend near its worst levels since last Monday. Meanwhile, the US Dollar was supported by a recent spike in US bond yields.

Euro (EUR)

The Pound to Euro exchange rate advanced slightly last week, but its gains were limited. Strong Eurozone data and uncertainty about the Brexit process prevented the pair from holding its best levels.

Eurozone PMIs were solid, as were September’s retail sales results for the bloc. These stats were not influential enough to really improve the Eurozone outlook however, as the European Central Bank (ECB) still intends to keep some quantitative easing (QE) in place until at least September 2018.

This has kept pressure on the shared currency, but GBP/EUR movement could be influenced by key Eurozone growth and inflation stats in the coming days.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate shed most of its recent gains when markets opened on Monday, largely due to weakness in the Pound and concerns that UK Prime Minister Theresa May’s position in government was the weakest it had been in months.

Demand for the Australian Dollar was slightly boosted by fresh comments from Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle. Debelle showed confidence about rising business investment in Australia and indicated that a strengthening non-mining sector was helping to rebalance Australia’s economy.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate shed last week’s gains during Monday morning trade.

The New Zealand Dollar remained relatively supported following optimism from the Reserve Bank of New Zealand (RBNZ) in its November policy decision. The bank indicated that the new Labour government was unlikely to cause any major changes to the bank’s outlook, and that the possibility of an adjusted mandate for the bank would not affect the bank’s treatment of the NZ Dollar itself.

Canadian Dollar (CAD)

Like other Sterling pairings, GBP/CAD lost much of its recent gains when markets opened this morning, as concerns rose that UK Prime Minister Theresa May could be undermined by rebels in the Conservative Party.

Prices of oil, Canada’s most lucrative commodity, have also continued to rise in recent sessions. This has kept support up for the ‘Loonie’, but the currency may not see much shift in direction this week until Friday’s key Canadian inflation stats come in.

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