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Mon 30 Nov 2020 20:06GMT

FX News: US Dollar Bullish, Euro at 9-Year Low Today

Published: 5 Jan at 2 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,

Pound Sterling
While the Pound continued trending in a stronger position against the Euro on Monday, the British currency softened against peers like the US Dollar and Australian Dollar after the UK’s Construction PMI report showed a sharp slowing in activity in December. If tomorrow’s UK Services gauge also inspires causes for concern, further Pound losses may occur.

US Dollar
With several influential US reports on the cards for this week, the US Dollar could experience an interesting few days of trading. While movement may be muted ahead of the release of the Federal Open Market Committee meeting minutes and US Non-Farm Payrolls report, the ‘Greenback’s current bullish relationship with several of its main rivals is likely to continue.

The bearishness in the Euro continued as a new week of trading got underway, with the common currency slumping to a nine-year low against the US Dollar. The Euro was also trending close to a 7-year low against the Pound as investors bet that the European Central Bank will unveil additional stimulus measures in its upcoming meeting.

Australian Dollar
A steep declination in the AiG Performance of Manufacturing index took the Australian Dollar to a fresh five-year low against the US Dollar during local trading. The AiG gauge of manufacturing fell below the 50 mark separating growth from contraction in December, easing to 46.9 from 50.1.

New Zealand Dollar
After approaching parity with its Australian relation last week, the New Zealand Dollar pared some of its recent gains overnight. The ‘Kiwi’ also softened against the Pound. With economic reports for New Zealand in seriously short supply this week, movement in the currency is likely to be caused by global economic developments and shifts in the price of dairy produce.

Canadian Dollar
The Canadian Dollar managed to weather the price of crude oil falling to a new low at the close of last week and was holding steady against both the US Dollar and Pound on Monday. Tomorrow’s Canadian Industrial Product Price and Raw Materials Price indexes could be responsible for ‘Loonie’ movement.
As of Monday, 5th January 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2781, GBP USD exchange rate was 1.5257, GBP AUD exchange rate was 1.8841, GBP NZD exchange rate was 1.9815, and GBP CAD exchange rate was 1.7939.
Laura Parsons About Author: (359 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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