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,
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 nationâ€™s improved manufacturing PMI. However, if these weekâ€™s other PMI rehttp://www.ukfx.co.uk/adminnews/admin.php?p=news_new#ports (services and construction) also reveal stronger growth, Sterling may resume its uptrend.
Above-forecast Manufacturing PMI's for Germany
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.
The US Dollar was putting on a mixed performance ahead of todayâ€™s US Personal Consumption Expenditure report. Personal Income/Spending figures are likely to cause â€˜Greenbackâ€™ volatility, as is the ISM Manufacturing gauge. Positive data would support US rate hikes and push the US Dollar higher.
Although the Peopleâ€™s Bank of China
interest rate cut and Chinaâ€™s improved HCBC Manufacturing PMI lent the â€˜Aussieâ€™ support, the South Pacific currency later declined as Australia
â€™s AiG Performance of Manufacturing index moved further into contraction territory.
Ahead of the release of New Zealandâ€™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.
Last week the Canadian Dollar gained against the majority of its peers as Canada
â€™s Consumer Price Index came in higher-than-expected. An increase in crude oil prices also supported the â€˜Loonieâ€™. If todayâ€™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.