Strong ECB lending data helps Euro
Quote of the day: “Either you run the day or the day runs you”
October 20th: Highlights
- Strong ECB lending data helps Euro
- Sterling pulls back to 1.3602
- GBPCAD trading above 2.01
- Aussie moves higher against softer Dollar
- All eyes on Carney speech
Sterling Comment
Minimal UK data yesterday meant GBPUSD moved in a very narrow fashion from 1.5425 to 1.5496. Data from the US NAHB Housing Market Index showed only a small impact on the dollar, with data showing better than anticipated numbers. As of lunchtime today, GBP/USD is trading in the region 1.5479.
Watch out today for Bank of England Governor Mark Carney who will give a speech on Britain’s position regarding rising interest rates. Britain could face a scenario where rates rise irrespective of whether the Fed will tighten policy.
Global Comment
Down under, the Aussie dollar has been trading higher than the US Dollar in today’s early session, largely due to uncertainty over the timing of a possible rate hike. Sentiment remains vulnerable, with AUD/USD hitting 0.7278 in late Asian trade, a session high. The pair is trading at 0.7284.
The RBA commented that the Aussie’s depreciation, together with low interest rates, is helping the economy get back on a stable footing. GBP/AUD is currently trading at 2.1246.
The Canadian Dollar steadied the ship at C$1.3020 against the US Dollar after pulling back almost 1 percent overnight following the Liberal party’s stunning election victory. In their manifesto, the Liberal party have promised greater public spending and tougher environmental rules. Sterling is strengthening, with GBP/CAD now trading above 2.01 “It’s a big surprise that it’s a majority government and of course it’s a Liberal government,” comments John Hardy, head of FX strategy at Saxo bank in Copenhagen.
Have a great day!
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