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Forex News Now: New Zealand Dollar Rebounds as Dairy Prices Climb

Published: 4 Feb at 3 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,

Pound Sterling
The Pound gained on most of its currency counterparts on Wednesday as the UK published unexpectedly strong services data for January. The upbeat Purchasing Managers Index followed equally encouraging gauges for Construction and Manufacturing and the prospect of the UK economy getting off to a good start to 2015 was Sterling-supportive.

US Dollar
Ahead of the release of the US ISM Non-Manufacturing Composite Index, the US Dollar softened against the Pound and Euro. Demand for the ‘Greenback’ was undermined by the ADP Employment Change report, which came in at 213,000 rather than the 220,000 expected. The slightly below-forecast figure could indicate that Friday’s US Non-Farm Payrolls number will also fall short.

Although the Euro weakened against the Pound, the common currency was able to advance on several of its peers as the Eurozone’s retail sales report showed unexpected sales growth in December. Sales were shown to have risen by 0.3% on the month in December rather than stagnating as projected.

Australian Dollar
The ‘Aussie’ may have posted broad-based declines following the Reserve Bank of Australia’s decision to cut interest rates to fresh record lows, but the South Pacific currency was able to recoup some of these losses during the local session. Rising copper prices and an improved AiG Performance of Services index helped give the Australian Dollar a boost.

New Zealand Dollar
New Zealand’s latest unemployment report might have shown a rise in joblessness, but the New Zealand Dollar still closed out the local session trading in a stronger position. Demand for the ‘Kiwi’ increased as dairy prices jumped at the latest GlobalDairyTrade auction.

Canadian Dollar
Prior to the release of Canada’s Ivey Purchasing Managers Index, the Canadian Dollar was trading in a weaker position as oil prices pared much of their recent gain. If today’s PMI report disappoints, the ‘Loonie’ could slide further before the close of trade.
As of Wednesday, 4th February 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.341, GBP USD exchange rate was 1.5177, GBP AUD exchange rate was 1.9563, GBP NZD exchange rate was 2.0629, and GBP CAD exchange rate was 1.9092.
Laura Parsons About Author: (360 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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