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- Pound gathers momentum ahead of industrial trends index
- Evidence of ECB optimism benefits euro
- Canadian dollar falters as risk appetite weakens
Sterling supported by political headlines
Rising hopes that the UK could avoid a hung parliament helped to lift the pound at the start of the week.
Further gains could be in store for GBP exchange rates this morning if November’s CBI industrial trends orders index improves as forecast.
While the index is expected to remain firmly within negative territory, an uptick from -37 to -30 would still represent a modest recovery and could lend the pound support.
Construction sector strength set to boost euro
Relatively optimistic signals from a European Central Bank (ECB) policymaker gave the euro a boost yesterday as the odds of further monetary loosening appeared to ease.
The appeal of the single currency may increase further this morning if September’s Eurozone construction output data picks up as expected, with forecasts pointing towards a solid 2.7% growth in output on the year.
On the other hand, any indication that the construction sector is struggling to gain traction may see the euro fall out of favour.
Canadian dollar vulnerable to manufacturing sales decline
Growing worries over the likelihood of an imminent breakthrough in US-China trade talks saw the Canadian dollar come under pressure at the start of the week.
With oil prices trending lower in response to fears of weaker global demand, CAD exchange rates were left on the back foot.
The Canadian dollar looks set to shed additional ground this afternoon with the release of the latest manufacturing sales figures as markets anticipate a -0.5% contraction on the month.
Tuesday, 19th November 2019
10:00 EUR Eurozone Construction Output
11:00 GBP CBI Industrial Trends Orders Index
13:30 CAD Manufacturing Sales
Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure
Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)