The trend of negative US data seems to be continuing with new building permits down 4.7% for September and the amount of new Housing Starts being down a similar figure.
Latest Currency News
With Australian Unemployment data due to be released, and following positive comments towards the labour market from the RBA. Is there positivity ahead for the Australian Dollar?
According to recent reports the chance of the Bank of England raising the interest rate in November is 80%. Is this likely and what could it mean for the UK economy?
Mark Carney’s speech following UK inflation data dampened Sterling exchange rates earlier. If there is no interest rate hike in November, there could be a sharp drop in the Pound’s value.
We will get to see the latest inflation figures for the Eurozone and the UK this morning, with both being of key importance to the strength of their respective currencies.
Theresa May is due to meet with EU leaders in Brussels tonight. Recent comments from Michel Barnier suggested talks were in deadlock so Mrs May could try to move Brexit negotiations along.
Political uncertainty seems set to affect Euro exchange rates, with Catalan independence remaining a factor behind the Euro’s recent drop in value. The Euro has started this week by weakening against the Pound and the US Dollar.
The latest CPI and Retail Sales data came in below expectation. this has cause the US Dollar to fall against the Pound, with the GBP/USD exchange rate now above 1.33.
The Euro has weakened following reports the European Central Bank plans to extend their asset purchase programme.
Some of the key factors that are holding back Sterling, keeping it at the current levels are political uncertainty related to Theresa May’s leadership and a lack of clarity over the plan and outcome of Brexit.
Today proved volatile for the GBP/EUR exchange rate with news on Brexit negotiations the main reason for the rate movement.