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Pound Sterling Maintains Gains after Retail Sales Surprise
Published: 17 Nov at 4 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Currency Exchange, Forex, Canadian Dollar Exchange Rate, Euro Crisis, UK, Exchange Rates, Inflation,
Pound Sterling (GBP)
Thursday’s only major UK data turned out to be a blessing to the Pound, which was able to rally across the board in the wake of better-than-expected October retail sales results. While positive movement had been expected, the universal advances seen for the results put the Pound in a strong position overall.
The coming Tuesday is set to bring the next UK data, consisting of public sector net borrowing results for October. Ahead of Wednesday’s key Autumn Statement, the current deficit is forecast to reduce from -10.12bn to -1.6bn.
Euro (EUR)
The Euro has been in a weak position during trading today, although earlier inflation rate stats were largely positive and in line with forecasts.
The major data has concerned the European Central Bank (ECB) monetary policy meeting accounts, which have revealed that the ECB is looking to wait until December before enacting policy decisions, so that it has a clearer picture of the situation.
While this means that no major news is incoming from the central bank in the near-term, it also points to ECB officials potentially using easing measures if November’s releases are consistently poor.
Tomorrow morning will bring a speech from influential ECB President Mario Draghi, as well as September’s Eurozone current account. In the latter case, a healthy rise from 23.6bn to 36bn is forecast.
US Dollar (USD)
In the aftermath of key Fed announcements today, the US Dollar has been in high demand. The crucial point is that Fed Chair Janet Yellen has all-but assured a December interest rate hike, although the policymaker has also been making waves with regard to the incoming President.
Despite concerns that she would be ‘forced out’ under a Trump administration, Yellen has defended the Fed’s independence, pledged to serve out her full term to the start of 2018 and has also praised the Dodd-Frank act.
This legislation, implemented under the Obama administration, is in place to prevent the root causes of the late 2000’s financial crash taking place again.
Given that the news has come from the top, further endorsements of a December rate hike from Fed officials tomorrow are not expected to generate any further gains for the US Dollar.
Australian Dollar (AUD)
Australian Dollar exchange rates have performed poorly today, owing to the US Dollar’s sudden return to form, in addition to commodity price woes.
The latest damage in commodity cost news has been that the price of iron ore, which was previously on a historic rally, has since dropped, owing to factors such as increased supply and reduced demand.
Australian jobs data has also been mixed, with full time employment rising but a greater-than-expected drop in part time unemployment also being seen.
The coming Wednesday will see the Q3 construction output figure for Australia announced; a quarterly rise from -3.7% to 0.2% is expected.
New Zealand Dollar (NZD)
The New Zealand Dollar has flopped across the board today, falling heavily against peers like the Chinese Yuan and US Dollar.
As well as a strong USD holding the New Zealand Dollar back, the NZD has also been lowered in appeal by continuing analysis and reconstruction plans in the wake of the earlier earthquake, which has lately been upgraded in scale to 7.8.
With the seabed shown to have risen by two meters in some places and the cost of rebuilding estimated in the millions, it seems as if the situation in the most worst-hit areas is going to take a while to return to normality.
The coming Monday will bring NZ retail sales for Q3, which could damage the NZD given that they are forecast to fall on both the year and the quarter.
Canadian Dollar (CAD)
In the wake of another upwards shift for crude oil and gold prices, the Canadian Dollar has appreciated today.
Adding extra support for the CAD has been the afternoon’s Canadian new motor vehicles sales, which have climbed from 147.9k in August to 177.14k in September. Less helpfully, however, manufacturing sales in September have slowed down from 0.9% to 0.3%.
Tomorrow, Canadian inflation rate stats are due out; asides from positive reprints, the monthly October rate is forecast to rise from 0.1% to 0.2%.
Thursday’s only major UK data turned out to be a blessing to the Pound, which was able to rally across the board in the wake of better-than-expected October retail sales results. While positive movement had been expected, the universal advances seen for the results put the Pound in a strong position overall.
The coming Tuesday is set to bring the next UK data, consisting of public sector net borrowing results for October. Ahead of Wednesday’s key Autumn Statement, the current deficit is forecast to reduce from -10.12bn to -1.6bn.
Euro (EUR)
The Euro has been in a weak position during trading today, although earlier inflation rate stats were largely positive and in line with forecasts.
The major data has concerned the European Central Bank (ECB) monetary policy meeting accounts, which have revealed that the ECB is looking to wait until December before enacting policy decisions, so that it has a clearer picture of the situation.
While this means that no major news is incoming from the central bank in the near-term, it also points to ECB officials potentially using easing measures if November’s releases are consistently poor.
Tomorrow morning will bring a speech from influential ECB President Mario Draghi, as well as September’s Eurozone current account. In the latter case, a healthy rise from 23.6bn to 36bn is forecast.
US Dollar (USD)
In the aftermath of key Fed announcements today, the US Dollar has been in high demand. The crucial point is that Fed Chair Janet Yellen has all-but assured a December interest rate hike, although the policymaker has also been making waves with regard to the incoming President.
Despite concerns that she would be ‘forced out’ under a Trump administration, Yellen has defended the Fed’s independence, pledged to serve out her full term to the start of 2018 and has also praised the Dodd-Frank act.
This legislation, implemented under the Obama administration, is in place to prevent the root causes of the late 2000’s financial crash taking place again.
Given that the news has come from the top, further endorsements of a December rate hike from Fed officials tomorrow are not expected to generate any further gains for the US Dollar.
Australian Dollar (AUD)
Australian Dollar exchange rates have performed poorly today, owing to the US Dollar’s sudden return to form, in addition to commodity price woes.
The latest damage in commodity cost news has been that the price of iron ore, which was previously on a historic rally, has since dropped, owing to factors such as increased supply and reduced demand.
Australian jobs data has also been mixed, with full time employment rising but a greater-than-expected drop in part time unemployment also being seen.
The coming Wednesday will see the Q3 construction output figure for Australia announced; a quarterly rise from -3.7% to 0.2% is expected.
New Zealand Dollar (NZD)
The New Zealand Dollar has flopped across the board today, falling heavily against peers like the Chinese Yuan and US Dollar.
As well as a strong USD holding the New Zealand Dollar back, the NZD has also been lowered in appeal by continuing analysis and reconstruction plans in the wake of the earlier earthquake, which has lately been upgraded in scale to 7.8.
With the seabed shown to have risen by two meters in some places and the cost of rebuilding estimated in the millions, it seems as if the situation in the most worst-hit areas is going to take a while to return to normality.
The coming Monday will bring NZ retail sales for Q3, which could damage the NZD given that they are forecast to fall on both the year and the quarter.
Canadian Dollar (CAD)
In the wake of another upwards shift for crude oil and gold prices, the Canadian Dollar has appreciated today.
Adding extra support for the CAD has been the afternoon’s Canadian new motor vehicles sales, which have climbed from 147.9k in August to 177.14k in September. Less helpfully, however, manufacturing sales in September have slowed down from 0.9% to 0.3%.
Tomorrow, Canadian inflation rate stats are due out; asides from positive reprints, the monthly October rate is forecast to rise from 0.1% to 0.2%.
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Source: moneytransfer.co.uk