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,
With the UKâ€™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 UKâ€™s consumer confidence and growth reports impressed.
With â€˜Grexitâ€™ concerns dictating the Euroâ€™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.
Although the US gauge of Consumer Confidence showed improvement, a poor Chicago Purchasing Manager figure saw the â€˜Greenbackâ€™ lose ground against a number of its most traded peers. If todayâ€™s US reports (including the ISM Manufacturing figure) disappoint, the US Dollar could lose further ground.
Better-than-expected data for Australia
(Australiaâ€™s largest trading partner) bolstered demand for the â€˜Aussieâ€™ 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.
The New Zealand Dollar strengthened slightly in response to Chinaâ€™s above-forecast data, but gains were limited and short lived. New Zealandâ€™s Commodity Price Index could cause some â€˜Kiwiâ€™ movement during South Pacific trading.
â€™s economic growth was shown to have contracted by less-than-anticipated the â€˜Loonieâ€™ 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.