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Currency Movement Expected on UK Inflation Data

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

Sterling



GBP/USD 1 Week Chart

The Pound (GBP) remains on the back foot against the majority of its peers this morning as markets await the UK’s latest CPI figures.

Economists predict that the data will show that inflation surged from 2.3% to 2.6% in April, putting it well over the Bank of England’s (BoE) target of 2.0%.

Investors are hopeful that this will lead the Bank to begin discussing the tightening of monetary policy. However, BoE Governor Mark Carney has previously said that inflation was not currently a concern for the bank and that it was only so high due to the devaluation of the Pound.

Euro

The Pound Euro (GBP EUR) exchange rate plummeted over half a cent from its best levels yesterday as investors reacted positively to Emmanuel Macron’s first moves as French President.

Macron appointed Édouard Philippe, a Republican mayor from Le Havre, to be the new Prime Minister, which markets hope will help gain Macron the bi-partisan support needed to push through his economic reforms in Parliament.

Traders also welcomed the President’s first meeting with German Chancellor Angela Merkel and their following press conference in which the pair said they would work together to ‘deepen the European Union’.

US Dollar

Following a dip yesterday afternoon Sterling trended higher against the US Dollar (USD) again overnight following new allegations against Trump.

The US media reported that Trump had shared highly classified information with Russia regarding the Islamic State, fanning the flames of speculation over the President’s supposed links to Moscow.

The ‘Greenback’ may tumble even further this afternoon with the release of the latest US Industrial Production figures, with analysts predicting that activity fell  last month.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate softened by around half a cent on Monday as the ‘Loonie’ was strengthened by rising oil prices.

The recent uptick in prices comes thanks a joint press conference by Saudi Arabia and Russia in which the two nations signalled that they would support extending the current production cuts until next year in order to combat the supply glut.

Australian Dollar

After slumping by around half a cent in trade yesterday, Sterling was able to recoup most of its losses against the Australian Dollar overnight on Monday as a recent report from ANZ suggesting that the Reserve Bank of Australia (RBA) was unlikely to hike rates again until well into 2018 weighed on the ‘Aussie’.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate painted a similar picture this morning, with Sterling bouncing back by the morning, however the ‘Kiwi’ may rally again later this afternoon if prices rise once again at the latest Global Dairy Auction.

TorFX Author: TorFX

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