EUR and CAD Remain in Focus at the Week Close

While the week is drawing to a close, let’s take a look at the currencies, market influencing stats released and those already due out with the impacts created.

Geopolitics
The UK upcoming election has been in focus with a YouGov poll predicting a majority win for conservatives. Earlier on today, any update on the opinion polls conducted recently will impact the market. Due out later today is the BBC televised debate which will be broadcasted live.

Investors eagerly await China’s response to the latest bills passed by the United States to support human rights in Hong Kong. If China takes a retaliatory stance, it may weigh on the currencies.

Focus is also on any latest update on the trade talks which had seemingly made progress in the last two weeks buoying the dollar and other riskier assets.

Market Influencing Stats
Japan recently released its inflation and industrial production stats, October building consents from New Zealand which had 1.1 % drop and private sector credit figures released out of Australia also impacted the market in the early hours of today.

Also impacting the market is consumer spending and GDP numbers out of France, retail sales and unemployment figures which came out of Germany.

If events go as predicted, the inflation figures may not significantly influence the Euro while the other two which are the consumer spending and unemployment figures will significantly count.

The inflation rate annually is below a percent so if there are any increases; it may not be a cause for concern for the European Central Bank, so it may not be impactful.

Estimated inflation numbers for November are due out of Italy and the Eurozone; investors also await Eurozone’s unemployment figures for November.

There is no market influencing stats for the pound and USD has given the Thanksgiving holiday in the United States.

For CAD, market influencing stats are 3rd quarter GDP and October RMPI figures given the Bank of Canada monetary policy decision meeting to hold next week.

The Current Standing of the Currencies
The Kiwi Dollar rose to $0.64184 from a previous price of $0.64181 due to building consent stats. Currently, the Kiwi Dollar is standing at +0.02% to trade at $0.6421.

EUR rose by 0.02% to trade at $1.1011. The Pound fell by 0.01% to trade at $1.2911. The Dollar Spot Index fell by 0.05% at a stand at 98.325.

CAD fell by 0.02% to stand at C$1.3285, versus the U.S Dollar.

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UK Geopolitics: Sterling Climbs as Recent Brexit Party Affirmation Douses Tension

Earlier in the news, Brexit party leader had stated that every senatorial seat numbering more than 600 would be keenly contested for by his party. The majority had predicted a drop-down of support for UK Prime Minister, Boris Johnson given Brexit extension.

However events took a twist, as in a recent news release, Nigel Farage revealed his party will hands off every seat won by the conservative party in the last election and rather consolidate to win against the anti-Brexit stance.

Many see this as a prop up in support for Boris Johnson in the upcoming December 12 elections.

Effect on Major Currencies
The bulls had tested the market for sterling as it held steady having topped its May peak in its EURO pairing standing at 85.62 pence. At the time of the report, it traded at 85.79 pence. It rose significantly over a percent versus the USD within a 12-hour range after the news release. Before the news, Sterling traded above $1.28.

The Pound: the cable experienced a bounce as it traded at $1.2896 after the news release. Market analysts presume that Brexit may take a complicated twist as the chances of a hung parliament is lessened. A drop was later recorded as it traded at $1.2858 at the time of the report.

Other Currencies: the news had a muted impact on other currencies. For the Dollar, This may be because the U.S. market was not open fully in respect to Veterans Day. The euro/dollar pair last traded at $1.1033, holding steady, while the dollar edged higher at 109.15 yen.

Also impacting the USD is the recent uncertainty hovering around the trade talks between the U.S. and China. Investors are treading cautious grounds as they await the U.S. President’s speech to the Economic Club in NY. Hong Kong’s increased unrest is believed to have undermined the greenback.

The Chinese yuan held steady at 7.004 versus the dollar, as investors await new reports and market updates with Hong Kong politics in mind.

The New Zealand dollar fell as investors speculated an interest rate cut by the apex bank showing the recent inflation figures presented. It dropped by 0.6% to $0.6326 after the apex’s bank move. It last traded at $0.6333.the Aussie was also caught in the web as it slid to a low of $0.6832.

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