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Signs of Continued UK Economic Weakness Weigh on Pound Outlook

Pound News: Weak UK Inflation Keeps Sterling Under Pressure

Yesterday’s UK inflation continued this week’s trend of disappointing UK data, boosting Bank of England (BoE) rate cut bets pressuring the Pound. General election hopes are keeping Sterling buoyed overall, so its losses were limited.

Britain’s October retail sales results will be published tomorrow. However, these are likely to be brushed over as well, and the focus on the UK general election and politics will persist.


Euro News: Investors Still Hesitant to Buy Euro despite Signs of Eurozone Strength

The Pound to Euro exchange rate held near its best levels yesterday. Despite stronger than expected Eurozone industrial production stats, investors remain anxious that German or Eurozone growth may still not have bottomed, and Euro demand has remained limited.

Today will be the most influential day of the week for Eurozone data. If German and Eurozone growth stats beat forecasts, Euro investors will become increasingly hopeful that the Eurozone economy is recovering.


US Dollar News: USD Strengthens as Federal Reserve Interest Rate Cut Bets Fade

The US Dollar benefitted from a surprisingly neutral tone from Federal Reserve Chairman Jerome Powell yesterday, as he indicated that interest rates would not fall lower amid steady US growth. However, the US Dollar’s strength was still limited by trade comments from US President Donald Trump, which were perceived as worsening US-China tensions.

Further comments from Powell could influence the US Dollar today. As for US data, markets are also anticipating tomorrow’s US retail sales results.


Canadian Dollar News: CAD Struggling to Sustain Rebound amid Lack of Fresh Support

Investors have been hesitant to keep selling the Canadian Dollar, but its attempts at a rebound have been limited as well. With US-China trade uncertainties weighing on the trade-correlated Canadian Dollar, GBP/CAD has been trending less than a cent below multi-month-highs.

Canadian new housing price index data will be published today, but US-China trade developments and tomorrow’s upcoming comments from Bank of Canada (BoC) officials are likely to be the primary focus for CAD.


Australian Dollar News: Australian Job Data in Focus for RBA Speculation

Yesterday’s Australian wage growth results printed slightly short of expectations. This, as well as US-China trade tensions, kept the Australian Dollar weak for most of yesterday.

Reaction to this morning’s Australian job market stats, as well as the impact they might have on Reserve Bank of Australia (RBA) interest rate cut bets, will drive Australian Dollar demand today.


Upcoming Data

Thursday, 14th November

00:00    Australian Consumer Inflation Expectations

00:30    Australian Job Market Report

06:30    French Unemployment Rate

07:00    German Growth Rate

07:45    French Inflation Rate

09:30    UK Retail Sales

10:00    Eurozone Growth Rate

10:00    Eurozone Employment Change

13:30    Canadian New Housing Price Index

15:00    Fed Chairman Powell Testimony

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