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15th November 2017 - Exchange Rates News written by TorFX for

15th November 2017 News: UK Wage Data Leaves Sterling (GBP) Fluctuating

Pound Sterling (GBP)

The Pound remained weak on Tuesday due to market disappointment in a below-forecast UK Consumer Price Index (CPI) report.

The data caused concern that the BoE may have jumped the gun on hiking UK interest rates in its last meeting.

Sterling saw a slight boost on Wednesday thanks to a stronger-than-expected wages including bonuses figure, but overall there was nothing particularly surprising about September’s job market.

US Dollar (USD)

Despite underwhelming UK inflation data, the Pound to US Dollar exchange rate recovered on Tuesday as the US Dollar reacted to bearish technical trading conditions. The ‘Greenback’ is also weighed down by US tax reform concerns and the expectation that today’s US inflation data will show a decline in consumer price pressures.

Euro (EUR)

The Pound to Euro exchange rate plunged again on Tuesday as the Pound was sold on poor inflation stats while the Euro benefitted from strong Eurozone growth figures.

Q3 Gross Domestic Product (GDP) projections from Germany and Italy beat expectations on Tuesday, helping boost the overall Eurozone growth stat for the year to 2.5%. Analysts note that if the Eurozone continues to see solid growth in Q4, it could see its best yearly growth rate in around a decade.

Still, the Euro’s advances were limited and largely driven by Pound weakness. Unsurprising, Eurozone growth data from Germany and Spain, as well as the long-term caution of the European Central Bank (ECB), has kept pressure on the Euro.

Australian Dollar (AUD)

The Pound to Australian Dollar exchange rate is currently close to its best levels since May.

Investors sold the Australian Dollar on Wednesday in response to a disappointing result from the highly anticipated Q3 wage price index report.

Australian wages were forecast to improve from 0.5% to 0.7% quarter-on-quarter and from 1.9% to 2.2% year-on-year, but the results printed at only 0.5% and 2% respectively. The lower than hoped wage stats essentially doused any market hopes for a more hawkish Reserve Bank of Australia (RBA) any time soon, and indicated that the bank was still correct to show concern for domestic wages.

New Zealand Dollar (NZD)

The Pound to New Zealand Dollar exchange rate climbed yesterday and continued to advance on Wednesday as markets found risk-correlated currencies like the ‘Kiwi’ unappealing.

Prices of key commodities like iron ore and oil have tumbled this week and investors are also becoming more anxious about the US political outlook as tax reform comes into focus.

Canadian Dollar (CAD)

The Pound to Canadian Dollar exchange rate saw similar movement to GBP/AUD and GBP/NZD on Wednesday as the pair continued to advance amid a risk-off movement in markets.

A lack of notable Canadian data in recent sessions is leaving the ‘Loonie’ limp, but it could see a more notable shift in movement on Friday depending on the results of Canada’s October inflation report.

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