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Euro (EUR) Stronger, Pound (GBP) Softens, Australian Dollar (AUD) Strained

Published: 2 Mar at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Italy,

Pound Sterling
The Pound drifted lower against the Euro and US Dollar on Monday as soft UK house price and mortgage approvals data outweighed the impact of the nation’s improved manufacturing PMI. However, if these week’s other PMI re (services and construction) also reveal stronger growth, Sterling may resume its uptrend.

Above-forecast Manufacturing PMI's for Germany and Italy gave the Euro a boost ahead of the release of the Eurozone's Consumer Price Index. The common currency was able to gain on both the US Dollar and Pound as Italy's manufacturing sector returned to expansion territory.

US Dollar
The US Dollar was putting on a mixed performance ahead of today’s US Personal Consumption Expenditure report. Personal Income/Spending figures are likely to cause ‘Greenback’ volatility, as is the ISM Manufacturing gauge. Positive data would support US rate hikes and push the US Dollar higher.

Australian Dollar
Although the People’s Bank of China interest rate cut and China’s improved HCBC Manufacturing PMI lent the ‘Aussie’ support, the South Pacific currency later declined as Australia’s AiG Performance of Manufacturing index moved further into contraction territory.

New Zealand Dollar
Ahead of the release of New Zealand’s QV House Price and ANZ Commodity Price data, the New Zealand Dollar was trading in a softer position against the majority of its currency counterparts.

Canadian Dollar
Last week the Canadian Dollar gained against the majority of its peers as Canada’s Consumer Price Index came in higher-than-expected. An increase in crude oil prices also supported the ‘Loonie’. If today’s Canadian manufacturing index impresses, the Canadian Dollar could push higher.
As of Monday, 2nd March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3741, GBP USD exchange rate was 1.5358, GBP AUD exchange rate was 1.9802, GBP NZD exchange rate was 2.0467, GBP CAD exchange rate was 1.926, and GBP CNY exchange rate was 9.6332.
Dominic Lee About Author: (474 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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