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Fri 19 Jul 2024 12:49GMT

Pound Rallies After PMI, US Dollar Boosted, Euro Weaker

Published: 3 Jun at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6750
After beginning the week in a stronger position against the Euro, the Pound extended its advance on Monday thanks to on-target manufacturing data for the UK. As both the Bank of England and European Central Bank are due to deliver their rate decisions this week, significant GBP/EUR movement can be expected.

US Dollar
USD/GBP – Trading in the Region of 0.5970
Hopes that today’s US manufacturing report will provide a reading of 55.5 for May supported the US Dollar against its rivals. The measure came in at 54.9 in April. During the European session the ‘Greenback’ was stronger against the Pound and close to a three-month high against the Euro.

EUR/USD – Trading in the Region of 1.3604
Fears that a slowdown in France will act as a drag on the entire Eurozone put pressure on the Euro on Tuesday. The region’s revised manufacturing PMI showed that the pace of growth slowed by more-than-anticipated last month as the French manufacturing sector contracted.

Australian Dollar
AUD/USD – Trading in the Region of 0.9255
An unexpected slump in Australia’s building approvals reduced demand for the ‘Aussie’ and left the commodity-driven currency weaker against the Pound, Euro and US Dollar. The upcoming Reserve Bank of Australia rate decision could have an impact on the Australian Dollar overnight.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8466
Although the ‘Kiwi’ was bolstered by China’s better-than-forecast manufacturing PMI on Sunday, the currency shed gains during the local session. The New Zealand Dollar was feeling the pressure as investors eyed this week’s string of influential central bank rate decisions.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9212
Less-than-impressive Canadian growth data pushed the ‘Loonie’ half a cent lower against the Pound on Friday. The commodity-driven currency was also weaker against several of its other most traded counterparts. A lack of Canadian data could limit further ‘Loonie’ movement today.

Japanese Yen
USD/JPY – Trading in the Region of 102.0100
Above forecast Chinese manufacturing figures bolstered demand for higher-risk assets and saw the Yen soften. Japan’s own manufacturing PMI held at 49.9 in May, below the 50 mark separating growth from contraction.

South African Rand
USD/ZAR – Trading in the Region of 10.5910
On Monday the Rand slipped to a month low against the US Dollar and faltered against the Pound and Euro. South Africa’s wider-than-anticipated trade deficit left the Rand struggling before the release of domestic manufacturing figures.
As of Tuesday, 3rd June 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2288, GBP USD exchange rate was 1.6746, GBP AUD exchange rate was 1.8075, GBP NZD exchange rate was 1.9847, GBP CAD exchange rate was 1.827, GBP CNY exchange rate was 10.4736, GBP JPY exchange rate was 171.6749, and GBP ZAR exchange rate was 18.0247.
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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