Pound Sterling (GBP)
The Pound has been making slow but steady advances against its regular peers today in the wake of a key development regarding the House of Lords.
Under David Cameron’s government, there had been plans to limit the powers of the upper house, which could prevent it from blocking any motions that were passed through the House of Commons.
As it stands, however, the Government has backed down on the plans, which could see the Lords put up serious opposition to the triggering of Article 50, which would stall proceedings and keep the UK in the EU for longer.
In the near-term, further Pound gains are expected following the UK’s imminent October retail sales figures, which are expected to rise in all fields.
Ahead of key Eurozone inflation rate figures for October, the Euro has been putting on a varied performance.
The latest Eurozone news has been similarly divisive, with the French Q3 unemployment rate rising slightly and the Netherlands unemployment figure for October dropping slightly on the month.
The key incoming data will cover monthly and annual Eurozone inflation in October, which is expected to rise on the year and fall on the month.
Also out will be the September yearly construction output figure, which could raise the Euro’s value if it rises from 0.9% to 1% as expected.
US Dollar (USD)
The US Dollar has shed many of the gains recorded on Wednesday, and has instead been fluctuating wildly today.
This comes despite the latest US news being another endorsement of a Fed interest rate hike, this time from official Patrick Harker. Harker is not actually a Federal Open Market Committee (FOMC) voting member in 2016, but will be in 2017.
This afternoon, high-impact US inflation rate figures for October are due; both the core and base annual figures are expected remain unchanged from September.
Australian Dollar (AUD)
In the wake of the release of Australian jobs data for October, the Australian Dollar has slipped against all of its regular peers today.
The key figures showed a stagnation in the participation rate and a rise in full time and overall employment, though not to forecast levels. Further upset has been caused by the part time employment change, which has fallen by -31.7k persons rather than the estimated -6k.
Looking to the coming Wednesday, the next notable Australian data will the construction work result. This is expected to improve considerably on the quarter from a prior -3.7% to 0.2%.
New Zealand Dollar (NZD)
With little in the way of direct New Zealand data out today, the New Zealand Dollar has actually been faring well, rising against most peers excepting the stronger Pound.
The nation is still coming to terms with its latest disruptive earthquake, and costs are being estimated; at last consultation, they were in the hundreds of millions for clearing blocked roads and repairing shifted transport routes.
Monday will see the NZ Q3 retail sales announced, which are expected to fall on both the year and the quarter.
Canadian Dollar (CAD)
Canadian Dollar movement has been volatile today, in-keeping with the latest unsettling movements in the prices of gold and crude oil.
Yesterday for Canada, September manufacturing sales were shown to have fallen on the month, slowing down from 0.9% to 0.3%.
The next major Canadian news will come on Friday, when the October inflation rate stats are due out. As of writing, the only expected change is a fractional rise on the month.