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,
After the UKâ€™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.
Yesterdayâ€™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.
Hopes that the US ISM Manufacturing Index will show a sharp rebound in March limited the US Dollarâ€™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.
The â€˜Aussieâ€™ broadly softened ahead of the Reserve Bank of Australia
â€™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.
With influential economic reports for New Zealand lacking this week, global developments will be driving â€˜Kiwiâ€™ movement. The New Zealand Dollar was able to follow its Australian relation higher on Tuesday and was stronger against the Pound and Euro.
â€™s less-than-spectacular current account and manufacturing reports saw the â€˜Loonieâ€™ soften at the beginning of the week. While an increase in oil prices later buoyed the commodity-driven asset, if todayâ€™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.