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Worsening US-China Trade Negotiations Hit US Dollar Once Again

Pound News: Sterling Resilient as UK Election Hopes Keep Currency Buoyed

The Pound continued to see steady movement yesterday, holding its ground against major rivals thanks to market hopes that next month’s UK election could lead to a relatively soft Brexit. This was despite the latest UK retail sales printing an unexpected contraction.

No notable UK data will be published today, but Pound investors are likely to remain focused on UK election and political speculation regardless.

Euro News: Germany Avoids Recession, but EUR Demand Remains Subdued

Yesterday’s data revealed that Germany’s economy had avoided a technical recession, to the relief of markets and officials. Eurozone growth also came in slightly higher than forecast. However, investors were hesitant to buy the Euro due to concerns that the Eurozone economy would remain slow into next year.

The Eurozone’s final October inflation rate will be published today, and the Euro is more likely to find support going forward if the data beats expectations.

US Dollar News: US-China Trade Tensions Weigh on USD Advance Attempts

The Pound to US Dollar exchange rate has sustained most of its weekly gains amid the latest US-China trade tensions. Yesterday’s reports that US-China negotiations had hit a snag dampened US Dollar demand, even after Federal Reserve interest rate cut bets fell due to a perceived pause in the bank’s rate cut cycle.

Today’s slew of influential US data including retail sales, export and import prices, and production stats, could cause some late-week Fed bets and US Dollar movement if they surprise investors.

Canadian Dollar News: Stronger Canadian Housing Stats Fail to Boost CAD

Investors remained hesitant to buy the Canadian Dollar yesterday, despite some stronger than expected Canadian housing data. The trade-correlated Canadian Dollar remained unappealing amid concerns about global growth and trade, as well as rising Bank of Canada (BoC) interest rate cut bets.

Comments from BoC officials could influence Canadian Dollar movement today, and are likely to overshadow upcoming Canadian foreign securities stats.

Australian Dollar News: Weak Australian Job Stats Boost RBA Rate Cut Bets

The Australian Dollar plummeted yesterday, as Australia’s unemployment rate and employment change stats worsened and Reserve Bank of Australia (RBA) rate cut bets rose. This left the Pound to Australian Dollar exchange rate trending near its best levels in almost a month.

GBP/AUD is more likely to sustain this week’s impressive gains if US-China trade concerns persist or if Reserve Bank of Australia rate cut bets keep rising.

 

Upcoming Data

Friday, 15th November

02:45    BoC Governor Poloz Speech

10:00    Eurozone Trade Balance

10:00    Eurozone Inflation Rate

13:30    Canadian Foreign Securities

13:30    US Retail Sales

13:30    US Import and Export Prices

14:15    US Industrial and Manufacturing Production

15:00    US Business Investment

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