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Sun 14 Aug 2022 01:32GMT

US Dollar Softer After FOMC, Euro Strengthened By Inflation Data

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

Pound Sterling
GBP/USD – Trading in the Region of 0.5923
Before the release of UK manufacturing data the Pound was softer against the Euro but stronger against the US Dollar. Sterling was modestly boosted by a report showing the steepest annual house price gains since 2007.

US Dollar
USD/GBP – Trading in the Region of 0.5923
Less-than-impressive US growth data put the ‘Greenback’ under pressure yesterday and the safe-haven currency broadly softened after the Federal Open Market Committee restated its commitment to keeping interest rates low for the foreseeable future. With several influential pieces of US data due for publication today, including initial jobless claims, personal income and manufacturing PMI, further US Dollar movement can be expected.

EUR/USD – Trading in the Region of 1.3885
As the Eurozone’s inflation rate was shown to have accelerated, reducing the odds of additional European Central Bank stimulus, the Euro posted widespread gains yesterday. While the common currency maintained a bullish relationship with its peers overnight, a lack of pertinent reports for the Eurozone could restrain the Euro as Thursday progresses.

Australian Dollar
AUD/USD – Trading in the Region of 0.9300
Lacklustre manufacturing figures for Australia and China left the ‘Aussie’ struggling at the close of local trading. The Australian Dollar dipped against the Pound and US Dollar as the domestic manufacturing sector showed the most rapid pace of contraction since July of last year.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8623
After US growth figures fell short of forecasts the New Zealand Dollar advanced. The ‘Kiwi’ was able to hold gains even as China’s manufacturing report revealed only a modest improvement.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9115
The ‘Loonie’ put on a patchy performance following the release of domestic and US growth data. The Canadian Dollar pared initial gains against the US Dollar as European trading got underway. However, a strong Canadian manufacturing report could help the commodity-driven currency recover ground.

Japanese Yen
USD/JPY – Trading in the Region of 102.2000
In the aftermath of the FOMC policy announcement the Yen was little-changed against the US Dollar. The Asian asset barely fluttered after a Japanese report showed an 11.4 per cent decline in vehicle sales.

South African Rand
USD/ZAR – Trading in the Region of 10.4355
Concerning South African trade data drove the Rand lower yesterday and China’s uninspiring manufacturing report also took a toll. However, the Rand recovered ground against a struggling US Dollar. Global economic developments could influence Rand movement today.
As of Thursday, 1st May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2179, GBP USD exchange rate was 1.6891, GBP AUD exchange rate was 1.8217, GBP NZD exchange rate was 1.9566, GBP CAD exchange rate was 1.8518, GBP CNY exchange rate was 10.5728, GBP JPY exchange rate was 172.8296, and GBP ZAR exchange rate was 17.7351.
Laura Parsons About Author: (360 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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