Pound News: Sterling Slips from Best Levels as Political Uncertainties Persist
The Pound started out yesterday trending near its best levels in reaction to a major UK poll, which predicted that the ruling Conservative Party would secure a majority in next month’s election. However, the Pound was unable to hold its best levels, as speculation that the race could still tighten left the currency slipping in the afternoon.
Reaction to this morning’s UK consumer confidence stats from GfK could cause some Pound movement today, but overall the Pound will become more focused on UK polls in the coming weeks.
Euro News: Improving Eurozone Economic Confidence Only Gives EUR Limited Boost
Despite coming after days of stronger German and French confidence stats, yesterday’s stronger than expected Eurozone economic confidence results were not enough to help the Euro to mount a notable recovery against rivals like the Pound.
This week’s biggest slew of Eurozone ecostats will be published today. If key data like German retail sales or Eurozone inflation beat forecasts, they could bolster hopes of a Eurozone economic recovery and leave the Euro stronger.
US Dollar News: No Thanksgiving Peace for US-China Trade Tensions
US Dollar movement was quieter yesterday, with US markets closed for the Thanksgiving holiday. The direction of USD movement was mixed as well, with appeal limited by fresh US-China trade tensions following news that US President Donald Trump had signed a bill backing Hong Kong protestors.
No more notable US data will be published until next week, leaving the US Dollar to be driven by US-China trade developments through the end of the week.
Canadian Dollar News: CAD Lacks Drive ahead of Canadian Growth Report
Investors were hesitant to move too much on the Canadian Dollar yesterday amid anticipation for Canada’s key growth rate report today. CAD benefitted slightly from some solid Canadian wage data, but demand for the currency was dampened by a widening current account deficit as well as fresh US-China trade tensions.
Canada’s Q3 growth rate data will finally be published today. Anticipation for the data has limited CAD movement all week, so surprising results could cause notable movement.
Australian Dollar News: GBP/AUD Touches Post-Referendum Best
The Pound to Australian Dollar exchange rate touched its best level since the 2016 Brexit referendum yesterday, as US-China trade tensions worsened and dampened market demand for the trade-correlated ‘Aussie’. While the pair has since slipped, it remains less than a cent below those highs.
Reaction to this morning’s HIA housing data could influence Australian Dollar demand today, but developments in US-China trade relations could be even more influential.
Friday, 29th November
00:00 Australian HIA New Home Sales
00:01 UK GfK Consumer Confidence
07:00 German Retail Sales
07:45 French Growth Rate
07:45 French Inflation Rate
08:55 German Unemployment Rate
10:00 Eurozone Inflation Rate
10:00 Eurozone Unemployment Rate
13:30 Canadian Growth Rate
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