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Thu 16 Jul 2020 05:31GMT

Busy day for the market as wealth of data is due for release

Published: 1 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Italy, Japan, South Africa,

Pound Sterling

The Pound softened against the Euro and US Dollar on Tuesday morning as yesterday’s weaker-than-expected mortgage approval data weighed. Investors will now be looking ahead to today’s manufacturing PMI data which is forecast to come in strongly. A disappointing figure is likely to see Sterling soften.

US Dollar

The US Dollar fell against its major peers yesterday after Federal Reserve chairman Janet Yellen said that the world’s largest economy will need stimulus ‘for some time’. Positive PMI data due this afternoon could see the currency recover some ground and reduce some of the worries over the Feds plans to taper its quantitative easing programme.

The Euro

The Euro firmed against a number of peers on Tuesday morning after positive data out of Italy and France showed that manufacturing picked up in those two countries. A separate report showed that the number of unemployed people in Germany fell for a fourth consecutive month, raising hopes that today’s Eurozone unemployment data will finally show a decline in the number of Europeans out of work.

Australian Dollar

The ‘Aussie’ climbed to its highest level in four months against the US Dollar after the Reserve Bank of Australia left interest rates unchanged. The currency could have advanced further but mixed manufacturing data out of China made investors cautious.

New Zealand Dollar

The New Zealand Dollar is close to a 31-month high against the US Dollar and advanced against other major peers as risk sentiment continues to improve and as mixed Chinese manufacturing data and yesterdays speech by Fed Chairman Janet Yellen continued to weigh on the US currency.

Canadian Dollar

The Canadian Dollar advanced yesterday against the Pound and other major peers after GDP data for Canada came in better-than-expected. Today the ‘Loonie’ lost ground due to Chinese manufacturing data causing traders to become cautious over commodity and riskier based currencies.

Japanese Yen

The Japanese Yen remains under pressure as expectations that China will implement fresh stimulus measures to shore up slowing growth dampened safe haven demand for the Japanese currency.

South African Rand

The Rand hit a 3-month high against the US Dollar yesterday after a surprise trade surplus report and stronger-than-expected domestic credit figures backed the case for an interest rate increase. Today it softened as the mixed Chinese manufacturing data caused investors to be cautious.

As of Tuesday, 1st April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2056, GBP USD exchange rate was 1.663, GBP AUD exchange rate was 1.7991, GBP NZD exchange rate was 1.9294, GBP CAD exchange rate was 1.834, GBP CNY exchange rate was 10.3217, GBP JPY exchange rate was 172.3426, and GBP ZAR exchange rate was 17.5935.
Dominic Lee About Author: (422 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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