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Pound Sterling hits Weekly High in GBP-CNY Conversion Rate Today as UK Employment Results Offer Great Support
Published: 14 Oct at 5 PM Tags: Pound Sterling, Currency Exchange, Canadian Dollar Exchange Rate, UK, Exchange Rates, Inflation,
Pound Sterling to Chinese Yuan (GBP/CNY) Exchange Rate sees Major Rise as Perfect Storm of Results Takes Place
Following on from yesterday’s exceedingly disappointing UK inflation rate results that sent the Pound Sterling into a nosedive against the Chinese Yuan, today’s data for Sterling (the last of the week) has entirely reversed the Pound’s fortunes by pushing it into a major rally against the Yuan and many of its other rivals.
The catalyst for this major uptrend seen by the UK currency has been a combination of UK and Chinese data. Although most of the UK printings were positive, the most supportive towards the Pound’s performance today have been the UK employment figures. The Employment Change for the three months to the end of August met with predictions by recording a 140k person increase, but the outcome of the Employment Rate for the same period exceeded forecasts by showing a drop from 5.5% down to 5.4%, the best level seen since the Q2 2008. Apart from the September Jobless Claims Change result which went against expectations, the rest of the UK data covering Earnings was positive and the Pound has gone from strength to strength today, finding itself in highly advantageous positions against many rivals.
The Chinese data referred to was the yearly Consumer Price Index for September, which instead of decreasing from 2% to 1.8% instead fell further than expected and came in at 1.6%. Along with this, the annual Producer Price Index for the same month came in at -5.9%, although this negative result had been expected.
Scant Remaining Announcements mean Little GBP-CAD Movement Change Expected before Weekend
Although today has been one of particularly notable results for both the Pound and the Yuan, the rest of the week is relatively devoid of further high-impact announcements. The only UK result left (the 10-year Treasury Gilt Auction on Friday) is not considered noteworthy and the only remaining Chinese results are the September New Yuan Loans figure on Thursday and the yearly Foreign Direct Investment result for the same month which is out on Friday. The former posting is predicted to rise from 809.6bn to 900bn, while the latter has no forecasts assigned to it.
Following on from yesterday’s exceedingly disappointing UK inflation rate results that sent the Pound Sterling into a nosedive against the Chinese Yuan, today’s data for Sterling (the last of the week) has entirely reversed the Pound’s fortunes by pushing it into a major rally against the Yuan and many of its other rivals.
The catalyst for this major uptrend seen by the UK currency has been a combination of UK and Chinese data. Although most of the UK printings were positive, the most supportive towards the Pound’s performance today have been the UK employment figures. The Employment Change for the three months to the end of August met with predictions by recording a 140k person increase, but the outcome of the Employment Rate for the same period exceeded forecasts by showing a drop from 5.5% down to 5.4%, the best level seen since the Q2 2008. Apart from the September Jobless Claims Change result which went against expectations, the rest of the UK data covering Earnings was positive and the Pound has gone from strength to strength today, finding itself in highly advantageous positions against many rivals.
The Chinese data referred to was the yearly Consumer Price Index for September, which instead of decreasing from 2% to 1.8% instead fell further than expected and came in at 1.6%. Along with this, the annual Producer Price Index for the same month came in at -5.9%, although this negative result had been expected.
Scant Remaining Announcements mean Little GBP-CAD Movement Change Expected before Weekend
Although today has been one of particularly notable results for both the Pound and the Yuan, the rest of the week is relatively devoid of further high-impact announcements. The only UK result left (the 10-year Treasury Gilt Auction on Friday) is not considered noteworthy and the only remaining Chinese results are the September New Yuan Loans figure on Thursday and the yearly Foreign Direct Investment result for the same month which is out on Friday. The former posting is predicted to rise from 809.6bn to 900bn, while the latter has no forecasts assigned to it.
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Source: moneytransfer.co.uk