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GBP, EUR, USD, AUD, NZD, CAD FX News Today - Canadian Trade Data Drags Loonie Lower

Published: 6 Oct at 2 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling GBP
With several high-profile UK officials (including Bank of England policy makers) and Business Secretary Vince Cable insinuating that the strength of the Pound could be damaging the UK economic recovery, Sterling broadly softened on Monday. A lack of UK data let the Pound slid against the Euro, US Dollar and Australian Dollar during the European session. Tomorrow’s UK Industrial/Manufacturing production reports could help the British asset recover losses if they print positively.

US Dollar USD
Friday’s impressive US Non-Farm Payrolls report (which showed that US unemployment fell to a six-year low) boosted the US Dollar against the majority of its currency counterparts before the weekend. On Monday the ‘Greenback’ was largely holding on to last week’s advance, although mixed Fed rate hike speculation was having an impact on the currency. There are no US reports to be aware of until tomorrow’s US Consumer Credit figures.

Euro EUR
Although several economic reports for Germany, the Eurozone’s largest economy, came in below forecast levels, the Euro continued trending in a stronger position against the Pound, US Dollar and New Zealand Dollar. German Factory Orders plummeted unexpectedly in August and the nation’s Retail PMI moved further into contraction territory. However, the belief that the European Central Bank will take steps to shore up the Eurozone’s flagging recovery limited losses in the Euro.

Australian Dollar AUD
Overnight the Australian Dollar advanced on the Pound as Australia’s ANZ Job Advertisements report showed a fourth monthly increase, indicating that the nation’s labour market is improving. Tomorrow Australian Dollar volatility could be caused by the Reserve Bank of Australia’s interest rate decision as well as the AiG Performance of Construction Index and the ANZ Roy Morgan Consumer Confidence measure.

New Zealand Dollar NZD
Floundering commodity prices and a risk-off environment saw the New Zealand Dollar slide against counterparts like the US Dollar at the beginning of the week. In the hours ahead the domestic NZIER Business Opinion Survey could influence New Zealand Dollar movement.

Canadian Dollar CAD
Last week the Canadian Dollar slumped to a six-month low against the US Dollar on unexpectedly poor Canadian trade figures. Concerns that the Bank of Canada will maintain a cautious approach to fiscal policy also saw the Canadian Dollar lose ground against the Pound and Euro.
As of Monday, 6th October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2709, GBP USD exchange rate was 1.6082, GBP AUD exchange rate was 1.8349, GBP NZD exchange rate was 2.0515, and GBP CAD exchange rate was 1.7915.
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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