Published: 4 Mar at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China,
This weekâ€™s manufacturing and construction PMIâ€™s for the UK printed above expected levels, but the nationâ€™s services index failed to continue the trend. As expansion in the UK services sector was shown to have eased slightly in February, the Pound pared gains against the Euro and extended declines against peers like the â€˜Greenbackâ€™ and â€˜Aussieâ€™.
The common currency softened on Wednesday as investors remained concerned about the European Central Bankâ€™s ability to secure enough bonds for quantitative easing. Mixed reports from the Eurozone lent the Euro little support. While the level of retail sales growth in the region surpassed expectations, the final Services/Composite PMIâ€™s for the currency blocâ€™s largest economies were largely negatively revised.
The US Dollar was trending in a largely stronger position ahead of the release of US service sector data and the nationâ€™s ADP employment change report. Positive US ecostats could push the â€˜Greenbackâ€™ higher before Friday and the publication of the domestic Non-Farm Payrolls report.
â€™s fourth-quarter growth data didnâ€™t show a slower-than-forecast rate of expansion, the â€˜Aussieâ€™ largely held onto earlier gains against a number of its most traded rivals. Positive domestic and Chinese services data also lent the South Pacific currency support.
The New Zealand Dollar tracked its Australian relation higher on Wednesday and extended gains against the Pound following the release of the UKâ€™s below-forecast services PMI.
Impressive Canadian growth data gave the commodity-driven â€˜Loonieâ€™ a boost on Tuesday. Further Canadian Dollar gains could be on the horizon as the Bank of Canada
delivers its interest rate decision. If the BOC leaves rates on hold (as it is expected to) the Canadian Dollarâ€™s rally looks likely to continue.
As of Wednesday, 4th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.3776, GBP USD exchange rate was 1.5263, GBP AUD exchange rate was 1.9512, GBP NZD exchange rate was 2.0115, GBP CAD exchange rate was 1.8966, and GBP CNY exchange rate was 9.5709.