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AUD Rallies after RBA Decision, GBP/EUR Gains on Services PMI

Published: 7 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Greece,

Pound Sterling
An impressive UK Services PMI helped the Pound hold its own against the Euro on Tuesday. However, GBP/EUR gains were slightly limited as the Eurozone published encouraging reports of its own. The Pound struggled to exert itself against the US Dollar having trimmed the gains recorded in the wake of the US Non-Farm Payrolls report.

Greek bailout concerns meant the common currency held declines against the Pound and US Dollar on Tuesday despite positive revisions to the Eurozone’s Services/Composite PMI. The Eurozone’s Sentix Investor Confidence gauge also showed improvement, although it wasn’t able to advance to the 20.8 level expected.

US Dollar
At the close of last week the US Dollar tumbled against almost all of its most traded currency counterparts as a result of the shocking US Non-Farm Payrolls print. The far smaller-than-anticipated employment increase saw investors pare back their Federal Reserve interest rate hike projections and triggered ‘Greenback’ declines. However, the safe-haven asset has recouped some of these losses ahead of the publication of minutes from the latest Federal Open Market Committee announcement.

Australian Dollar
An encouraging Australian retail sales report, coupled with the Reserve Bank of Australia’s decision to leave interest rates on hold, saw the ‘Aussie’ surge during the South Pacific session. The Australian Dollar advanced by more than 1% against a number of its peers.

New Zealand Dollar
With economic reports for New Zealand in short supply and demand for the ‘Aussie’ spiking, the New Zealand Dollar was trending in a weaker position against a number of its rivals.

Canadian Dollar
The ‘Loonie’ softened against the US Dollar on Tuesday as the ‘Greenback’ staged a rebound following Friday’s flop. Monday’s Canadian reports had little impact on the ‘Loonie’ despite the Ivey Purchasing Managers Index easing from 49.7 to 47.9 instead of rising to 49.9.
As of Tuesday, 7th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3693, GBP USD exchange rate was 1.4822, GBP AUD exchange rate was 1.9395, GBP NZD exchange rate was 1.9751, and GBP CAD exchange rate was 1.8529.
Laura Parsons About Author: (360 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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