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Wed 3 Jun 2020 07:24GMT

Pound (GBP) Gains after Construction PMI, Australian Dollar (AUD) Higher after RBA Decision

Published: 3 Mar at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling
After the UK’s Construction PMI was shown to have risen from 59.1 to 60.1 in February, rather than falling to 59.0 as expected, the Pound advanced on several of its peers. Sterling recouped previous losses against the Euro and gained by 0.1% against the US Dollar.

Euro
Yesterday’s encouraging unemployment and inflation reports for the 19-nation currency bloc left the Euro trading in a slightly stronger position. The common currency briefly extended these gains after German retail sales were shown to have increased by considerably more than forecast on the month in January.

US Dollar
Hopes that the US ISM Manufacturing Index will show a sharp rebound in March limited the US Dollar’s losses on Monday. The gauge for February printed at 52.9 instead of the 53.0 expected. US data is in short supply today.

Australian Dollar
The ‘Aussie’ broadly softened ahead of the Reserve Bank of Australia’s interest rate announcement. However, as the central bank opted to leave interest rates on hold, the Australian Dollar staged a rebound and closed the session in a stronger position against the Pound and US Dollar.

New Zealand Dollar
With influential economic reports for New Zealand lacking this week, global developments will be driving ‘Kiwi’ movement. The New Zealand Dollar was able to follow its Australian relation higher on Tuesday and was stronger against the Pound and Euro.

Canadian Dollar
Canada’s less-than-spectacular current account and manufacturing reports saw the ‘Loonie’ soften at the beginning of the week. While an increase in oil prices later buoyed the commodity-driven asset, if today’s Canadian growth data also falls short, further Canadian Dollar losses could be on the horizon.
As of Tuesday, 3rd March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3742, GBP USD exchange rate was 1.5367, GBP AUD exchange rate was 1.9653, GBP NZD exchange rate was 2.0323, and GBP CAD exchange rate was 1.9184.
Laura Parsons About Author: (357 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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