Published: 3 Sep at 3 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,
Pound Sterling (GBP)
The Pound’s rally attempts have been dulled in recent sessions. Some investors are selling Sterling versus a rebounding US Dollar, but the latest UK services data falling short of projections only put further pressure on the British currency.
Tomorrow’s UK data includes new car sales and construction stats. These figures are unlikely to be particularly influential, so the Pound will be driven more by global coronavirus and currency market shifts.
Highly mixed Eurozone data today had little impact on the Euro. Instead, investors continued to sell the shared currency back from its best levels in profit-taking. These losses have been extended by signs that the European Central Bank (ECB) is concerned about the Euro’s strength.
German factory orders data could bolster Euro demand if it impresses investors tomorrow. However, the day’s Eurozone construction PMI data is unlikely to be all that impressive.
US Dollar (USD)
The US Dollar’s rebound from its worst levels remains one of the market’s biggest shifts this week. The US currency continues to rebound on profit-talking, benefitting from the Euro’s weakness as well. However recent US data has been weak so the US Dollar’s gains are limited.
One of this week’s most influential ecostats will be tomorrow’s US Non-Farm Payroll report. If the US job market performed worse than expected, it could further dampen hopes for a US coronavirus recovery and keep USD pressured.
Australian Dollar (AUD)
Some stronger than expected Australian PMI data today helped the Australian Dollar to hold away from its worst levels. However, the ‘Aussie’ is still seeing weaker performance this week amid Australia
’s poor growth data and a rebounding US Dollar.
More key Australian data will be published tomorrow. If Australia’s July retail sales results come in stronger than forecast, this could bolster hopes that strong Australian consumer activity could help the economy weather the coronavirus pandemic.
The New Zealand Dollar remains fairly appealing, as it benefits from weakness in rival currencies. The Australian Dollar tumbles on Australian growth concerns, so the New Zealand Dollar is benefitting.
No notable New Zealand data will be published tomorrow. This will leave the New Zealand Dollar influenced by Australian Dollar and US Dollar movement in the coming sessions.
Canadian Dollar (CAD)
Despite slipping oil prices in recent sessions, the Canadian Dollar has been trending with an upside bias. The Canadian Dollar is often correlated to the US Dollar, so it has been climbing alongside the US Dollar rebound this week.
Tomorrow will see the publication of August’s Canadian job market report. If the data beats forecasts, it could boost hopes for Canada
’s economic resilience and bolster Canadian Dollar support.
As of Thursday, 3rd September 2020, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1204, GBP USD exchange rate was 1.3273, GBP AUD exchange rate was 1.8266, GBP NZD exchange rate was 1.9808, and GBP CAD exchange rate was 1.743.