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Exchange Rates Today: Australian Dollar Gains on Stimulus Announcement

Published: 5 Feb at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Greece,

Pound Sterling
While today’s Bank of England interest rate decision isn’t expected to have much, if any, impact on the currency market, the Pound still put on a patchy performance against its peers before it took place. Sterling trimmed gains against the Euro but advanced on a broadly softer US Dollar.

US Dollar
A less-than-impressive US ADP Employment Change report sparked concerns that the highly influential US Non-Farm Payrolls report will also fall short and the US Dollar accordingly declined. As the Federal Reserve has placed such emphasis on the link between an improved labour market and interest rate increases, a disappointing result tomorrow could push the ‘Greenback’ lower.

Euro
Greek bailout concerns pressured the Euro to a fresh 7-year low against the Pound on Wednesday but the common currency staged a modest rally following the release of far better-than-forecast German Factory Orders data. Tomorrow’s German Industrial Production stats could insight further movement.

Australian Dollar
As China is Australia’s largest trading partner, the news that the People’s Bank of China intends to introduce additional stimulus measures to support the domestic economy pushed the Australian Dollar higher against most of its peers. The ‘Aussie’ held gains even as Australian retail sales were shown to have increased by 0.2% in December, month-on-month – less than the 0.3% increase expected.

New Zealand Dollar
The New Zealand Dollar held its recent advance against peers like the Pound and US Dollar as the 19% increase in dairy prices and reduced interest rate cut bets lent the ‘Kiwi’ support.

Canadian Dollar
Falling oil prices pushed the Canadian Dollar lower on Wednesday. Canada’s Ivey Purchasing Managers Index (PMI) also showed the worst reading for almost 4 years, falliung from 55.4 to 42.6.
As of Thursday, 5th February 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3357, GBP USD exchange rate was 1.5323, GBP AUD exchange rate was 1.9648, GBP NZD exchange rate was 2.0691, GBP CAD exchange rate was 1.9056, and GBP CNY exchange rate was 9.58.
Dominic Lee About Author: (473 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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