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Australian Dollar Bolstered by Strong Chinese Trade Figures

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

After dipping early in the European session following some disappointing retail data, the Pound (GBP) rallied against most of the other majors late on Tuesday as the UK government published its post-Brexit trade legislation.

Markets welcomed the release as the bill seeks to retain existing EU trade agreements and help guarantee that firms still have access to lucrative foreign government contracts.

However, Sterling began to dip again earlier this morning as Wall Street Bank’s issued a warning that Brexit may force many of them to move operations outside of the UK to ensure continued access to the EU market.

Euro

The Pound Euro (GBP EUR) exchange rate climbed to a new weekly high on Tuesday morning as German industrial production declined by more-than-expected in September.

The single currency was quickly able to recoup some of its losses however as Eurozone retail sales rebounded more strongly than expected at the end of the third quarter as sales growth rose from -0.1% to 0.7%, just edging past expectations it would only reach 0.6%.

US Dollar

Sterling fluctuated against the US Dollar (USD) yesterday following the UK’s disappointing retail sales data, with the pairing clawing back its losses late in the evening as markets reacted to the publication of the UK government’s post-Brexit trade policy.

However the US Dollar snapped back again this morning as the expectations of a rate hike from the Federal Reserve next month continued to lend strength to the currency.

Canadian Dollar

While the Pound Canadian Dollar (GBP CAD) exchange rate jumped by over half a cent on Tuesday, the pairing relinquished nearly the entirety of its gains this morning as oil prices threaten to pass $65 a barrel this week.

Australian Dollar

Sterling slumped by round half a cent against the Australian Dollar (AUD) during overnight trade on Tuesday as the ‘Aussie’ was strengthened by another strong trade report from China, with continued growth in both imports and exports boding well for Australia thanks to its close trade relationship with the country.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate told a similar story to GBP AUD this morning as the pairing slipped last night after the ‘Kiwi’ was bolstered by robust trade figures from China.

However, the New Zealand Dollar may find itself dipping later this evening as the Reserve Bank of New Zealand (RBNZ) meets for its latest rate decision.

TorFX Author: TorFX

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