Pound News: Brexit Hopes and Inflation Boost Sterling
The Pound is climbing against many major currencies today, largely due to expectations that the UK and EU could agree to a Brexit deal soon.
Today’s slightly better-than-expected UK inflation report also supported the Pound. However, this movement was limited as inflation is expected to weaken again amid Britain’s second coronavirus lockdown.
The Pound will likely continue being driven by Brexit speculation for the rest of the week, as well as UK retail sales published tomorrow, which are forecast to have slowed in October.
Euro News: EUR/USD Strengthens as Coronavirus Surges in Europe
The Euro remains under pressure today, as despite benefitting from weakness in its rival the US Dollar, analysts predict this movement will be limited.
Lingering concerns over the coronavirus pandemic’s impact in the Eurozone are limiting the Euro’s appeal.
The European Central Bank (ECB) is expected to keep easing monetary policy to support the Eurozone economy, with tomorrow’s speech from ECB President Christine Lagarde likely to influence EUR movement.
US Dollar News: US Coronavirus Jitters Causing USD Tumble
The US Dollar fell against many major rivals today as investors sold the currency amid concerns that ramped up coronavirus restrictions over the winter will have a big impact on the US economy.
The US Dollar has been unable to benefit from safe-haven demand as more positive reports from Pfizer’s late-stage vaccine trials failed to significantly support market sentiment.
US manufacturing stats and home sales figures will be published tomorrow. If these disappoint, US economic jitters could worsen and the US Dollar may be in for further weakness.
Canadian Dollar News: Coronavirus Restrictions Weigh on CAD
The Canadian Dollar is struggling on signs that many major economies will see tighter coronavirus-related restrictions going into winter, which are weighing on oil prices and trade-sentiment.
Canadian employment data from ADP could support the Canadian Dollar tomorrow if it impresses investors.
Australian Dollar News: AUD Struggles on Weak Australian Wage Data
Today’s Asian session saw the publication of Australia’s latest wage growth, which came in lower than expected and worsened concerns about Australia’s job market amid the coronavirus pandemic.
Australia’s unemployment rate for October is published tomorrow and expected to rise from 6.9% to 7.2%, likely weighing on ‘Aussie’ sentiment.
Thursday, 19th November
00:30 Australian Job Market Report
08:00 ECB President Lagarde Speech
13:30 Canadian ADP Employment Report
13:30 US Philadelphia Fed Manufacturing Index
15:00 US Existing Home Sales