Best Exchange Rates

US Dollar Tumbles on Report of Subpoena against Trump’s Election Campaign

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

Sterling

The Pound (GBP) jumped against the majority of its peers on Thursday as the UK currency was buoyed by the UK’s latest retail sales figures.

Data released by the ONS showed that sales growth struck 0.1% in October, with markets welcoming even this modest sign of growth after sales tumbled to -0.7% in September.

Sterling found further gains overnight as well as along with the Euro (EUR) it was the main benefactor of a downturn in the US Dollar (USD).

Euro

The Pound Euro exchange rate climbed by around half a cent on Thursday following the UK’s upbeat retail sales data.

Simultaneously the single currency was weakened yesterday by the publishing of France’s latest labour report as it revealed that unemployment rose from 9.5% to 9.7% in the third quarter, the first rise in over two years.

US Dollar

Sterling surged by over half a cent against the US Dollar yesterday as the ‘Greenback’ came under significant pressure from reports that Special Counsel Robert Mueller subpoenaed Trump’s campaign last month.

The subpoena is part of the FBI investigation into possible Russian interference in last year’s presidential election and will renew concerns about possible collusion between the Russian state and Trump’s campaign team.

The fallout from the report also hampered the US Dollar’s possible gains from the US House of Representatives vote to approve corporate tax cuts, seen as another step towards Trump’s long awaited tax reforms.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate struck a new two-week high this morning as investors flocked to Sterling following a dip in USD.

Meanwhile the ‘Loonie’ may be forced lower again later this afternoon as Canada’s latest CPI figures are expected to show that domestic inflation fell from 1.6% to 1.4% in October.

Australian Dollar

Sterling climbed over a cent against the Australian Dollar (AUD) during the Asian trading session last night as the ‘Aussie’ lost out in the US Dollar sell-off on Thursday.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate struck its highest levels since the Brexit referendum overnight on Thursday as the pairing’s rally was driven higher by a fall in the ‘Kiwi’ following a dip in domestic manufacturing activity.

TorFX Author: TorFX

“Our company’s mission is to provide outstanding exchange rates, expert guidance and a simple, friendly service that people will want to recommend to others.” – Jon Beddell (CEO). Contact TorFX for an FX Quote – UK & Europe – Australia & NZ.

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

BER Newsletter

Subscribe for the latest exchange rates, currency news and special offers directly to your inbox.

Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, AMP Tower, 50 Bridge Street, Sydney, NSW 2000, Australia

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. 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.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.