Published: 3 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,
Sterling was trading firmer against the EUR and USD after was supported by yesterdays positive Construction PMI and house price data. House prices rose for a 25th consecutive month and the UK‚Äôs construction activity continued to be strong. The currency is likely to move higher if today‚Äôs services PMI comes in as forecast.
The US Dollar climbed to a two-month high against the Japanese Yen as economists raised their bets that data due today and tomorrow will come in strongly, supporting the case for the Federal Reserve to continue tapering its monetary easing programme. Balance of trade and jobless claims reports are due later in the session.
The Euro weakened against its major peers as investors were cautious ahead of the European Central Bank‚Äôs policy meeting which is due to take place today. Concerns over the threat of deflation in the Eurozone remain high. The currency softened further after a number of services PMI reports came in below expectations.
The ‚ÄėAussie‚Äô softened against a number of peers following the release of mixed domestic data. Retail sales came in below forecast whilst the nation‚Äôs trade surplus narrowed more than expected in February.
The New Zealand Dollar was softer as investors grew jittery and as demand for riskier assets waned ahead of the ECB monthly policy statement.
The Canadian Dollar was little changed against its major peers as traders took a wait and see approach ahead of Friday‚Äôs important jobs data from both Canada
and the USA.
The Yen tumbled against several peers. Against the Australian Dollar the Yen dropped to a 10-month low as investors deemed that the Japanese monetary easing programme will weaken the Yen further.
South African Rand
The Rand weakened to its lowest level in a week against the US Dollar as risk sentiment fell ahead of the ECB policy meeting. The currency also remains under pressure from an ongoing strike in the platinum mining sector.
As of Thursday, 3rd April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.2099, GBP USD exchange rate was 1.6595, GBP AUD exchange rate was 1.7979, GBP NZD exchange rate was 1.9423, GBP CAD exchange rate was 1.8319, GBP JPY exchange rate was 172.4555, and GBP ZAR exchange rate was 17.6578.