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CAD Higher, EUR Soft, USD Declines, GBP Gains - Exchange Rate News

Published: 1 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Greece,

Pound Sterling
With the UK’s Manufacturing PMI advancing from a negatively revised 54.0 to 54.4 in March, the Pound held gains recorded against the Euro and US Dollar on Tuesday. Sterling broadly strengthened earlier in the week as the UK’s consumer confidence and growth reports impressed.

With ‘Grexit’ concerns dictating the Euro’s performance on Tuesday, the common currency put on a pretty poor showing. German unemployment may have declined and the rate of inflation in the Eurozone may have picked up slightly, but investors preferred to ditch the Euro on the basis of the lack of progress in the Greek bailout negotiations. The common currency was little-changed on Wednesday in spite of Manufacturing PMIs for the Eurozone and its largest economies improving on previous estimates.

US Dollar
Although the US gauge of Consumer Confidence showed improvement, a poor Chicago Purchasing Manager figure saw the ‘Greenback’ lose ground against a number of its most traded peers. If today’s US reports (including the ISM Manufacturing figure) disappoint, the US Dollar could lose further ground.

Australian Dollar
Better-than-expected data for Australia and China (Australia’s largest trading partner) bolstered demand for the ‘Aussie’ overnight. However, the Australian Dollar failed to consolidate these gains and the asset moved back to trading on the cusp of 76 cents against the US Dollar.

New Zealand Dollar
The New Zealand Dollar strengthened slightly in response to China’s above-forecast data, but gains were limited and short lived. New Zealand’s Commodity Price Index could cause some ‘Kiwi’ movement during South Pacific trading.

Canadian Dollar
After Canada’s economic growth was shown to have contracted by less-than-anticipated the ‘Loonie’ recovered some of its previous losses against the Pound. The commodity-driven currency was also able to advance on a broadly softening US Dollar.
As of Wednesday, 1st April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.377, GBP USD exchange rate was 1.483, GBP AUD exchange rate was 1.9509, GBP NZD exchange rate was 1.9919, GBP CAD exchange rate was 1.8712, and GBP CNY exchange rate was 9.1922.
Laura Parsons About Author: (357 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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