Canadian Dollar Drops, GBP/USD Choppy, NZD/USD Underperforms

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MARKET DEVELOPMENT – Canadian Dollar Drops, GBP/USD Choppy, NZD/USD Underperforms

DailyFX 2019 FX Trading Forecasts

GBP: A typical choppy and volatile session so far for the Pound. An initial spike on reports from the RTE that the DUP were ready to support Boris Johnson having resolved key stumbling blocks, had been quickly dismissed by DUP Leader Foster. The fact remains the same, that Boris Johnson will need DUP support to increase the likelihood of a potential deal being passed through parliament.

CAD: Canadian inflation saw a larger than expected monthly drop, resulting in the yearly rate dropping to 1.9% (Exp. 2.1%). However, while this had kept the Canadian Dollar on the defensive, the BoC’s core measure in fact rose to 2.06% (1.96%), as such, this data is unlikely to provide a cause of concern for the central bank.

NZD: Overnight, the New Zealand Dollar saw a brief jump on the back of the Q3 CPI data, in which both the headline and quarterly rate rose above expectations and more importantly, above the RBNZ’s forecast. That said, this is unlikely to the alter the monetary policy path for the central bank with money markets fully pricing in another 25bps rate cut at the November meeting.

Source: DailyFX, Refinitiv


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— Written by Justin McQueen, Market Analyst

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