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New Zealand Dollar Bolstered by Upbeat Employment Figures

Categories: AUD, CAD, EUR, GBP, Markets, News, NZD, USD


GBP/USD 1 Week Chart

The Pound (GBP) continued to trend higher against the majority of its peers on Tuesday as expectations for a rate hike from the Bank of England (BoE) later this week continued to bolster the UK currency.

However, Sterling may find its gains trimmed slightly later this morning with the release of the UK’s latest Manufacturing PMI as economists forecast that British factory activity will have slowed slightly last month.


The Pound Euro (GBP EUR) exchange rate struck a new three-month overnight yesterday as some weaker than expected inflation figures undermined otherwise upbeat Eurozone data.

Data released on Tuesday revealed that core inflation slumped from 1.1% to just 0.9% in October, putting it well below the European Central Bank’s target range of over 2%.

This soured investors on the single currency despite the bloc’s unemployment rate falling to its lowest levels since 2009 and third quarter GDP showing robust growth.

US Dollar

Sterling continued climbing against the US Dollar (USD) on Tuesday as investors became increasingly dovish towards the US currency following the news that a former Trump aide is being charged for colluding with the Russian state in last year’s election.

However, the ‘Greenback’ may recoup some of its losses later today if data shows that the US manufacturing sector continued expanding at a healthy pace in October.

Meanwhile the Federal Reserve will also hold its latest policy meeting later this evening and while the next rate hike is not expected to take place until next month, investors will be looking out for any indication that the current pace of tightening may continue in 2018.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate surged by around half a cent on Tuesday, with the ‘Loonie’ beating a hasty retreat as Canada’s latest GDP figures showed that domestic growth slumped from 0% to -0.1% in August, with the data suggesting that the country will have seen little to no growth in the third quarter.

Australian Dollar

After climbing to new five-month high against the Australian Dollar (AUD) yesterday Sterling began to cede some ground overnight as the ‘Aussie’ was bolstered by rising commodity prices.

New Zealand Dollar

NZD/USD 1 Week Chart

After briefly climbing to a 17-month high on Tuesday, the Pound New Zealand Dollar (GBP NZD) exchange rate tumbled overnight as investors were impressed by a larger than expected fall in New Zealand’s unemployment rate, with it slipping from 4.8% to 4.6% in the third quarter.

Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

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