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Sun 3 Jul 2022 16:28GMT

Pound Softer as PMI Declines, Aussie Broadly Stronger, US Dollar on Hold before Data

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,

Pound Sterling
This week’s manufacturing and construction PMI’s for the UK printed above expected levels, but the nation’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 ‘Greenback’ and ‘Aussie’.

The common currency softened on Wednesday as investors remained concerned about the European Central Bank’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 PMI’s for the currency bloc’s largest economies were largely negatively revised.

US Dollar
The US Dollar was trending in a largely stronger position ahead of the release of US service sector data and the nation’s ADP employment change report. Positive US ecostats could push the ‘Greenback’ higher before Friday and the publication of the domestic Non-Farm Payrolls report.

Australian Dollar
As Australia’s fourth-quarter growth data didn’t show a slower-than-forecast rate of expansion, the ‘Aussie’ 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.

New Zealand Dollar
The New Zealand Dollar tracked its Australian relation higher on Wednesday and extended gains against the Pound following the release of the UK’s below-forecast services PMI.

Canadian Dollar
Impressive Canadian growth data gave the commodity-driven ‘Loonie’ 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 Dollar’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.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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