Published: 1 May at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Greece,
Sterling broadly softened on Friday as the UKâ€™s Markit Manufacturing PMI provided cause for concern. The gauge of the nationâ€™s manufacturing sector was shown to have fallen to 51.9 from 54.0, taking it closer to the 50 mark separating growth from contraction, and the Pound accordingly dropped to 1.35 against the Euro.
At the close of the week the Euro was buoyed by the news that Greece
presented its creditors with a list of reform proposals. The common currency had previously gained as a result of a report showing that the Eurozone emerged from deflation and continued trending higher against rivals like the US Dollar and Pound.
Although the weekâ€™s poor US growth data and dovish policy statement from the Federal Open Market Committee continued to weigh on the US Dollar on Thursday, the safe-haven currency was able to rally as domestic initial jobless claims fell dramatically. Should the US ISM Manufacturing index show improvement (as is expected to be the case) the â€˜Greenbackâ€™ could move higher before the close of the day.
Even though Australian Manufacturing data showed improvement and China
â€™s Manufacturing PMI didnâ€™t decline as expected, the Australian Dollar closed out the South Pacific session trading in a softer position. Demand for the â€˜Aussieâ€™ eased as bets the Reserve Bank of Australia
will cut interest rates next week climbed.
The New Zealand Dollar recorded broad-based declines as Fonterra (New Zealandâ€™s largest dairy producer) slashed its milk payout forecasts. Speculation that the Reserve Bank of New Zealand will follow the RBAâ€™s lead and cut borrowing costs also had a negative impact on the â€˜Kiwiâ€™.
â€™s growth data for February was more positive than anticipated, the Canadian Dollar softened against several of its most-traded currency counterparts on Friday. The â€˜Loonieâ€™s losses were largely due to a report showing that oil supply was at a multi-year high in April. Todayâ€™s domestic manufacturing figure is likely to impact Canadian Dollar trading.
As of Friday, 1st May 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.3518, GBP USD exchange rate was 1.5138, GBP AUD exchange rate was 1.9287, GBP NZD exchange rate was 2.0088, GBP CAD exchange rate was 1.8407, and GBP CNY exchange rate was 9.3897.