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Fri 21 Feb 2020 10:15GMT

Today's Exchange Rate Forecast: GBP Steady, AUD Softer, USD Stronger before FOMC

Published: 8 Oct at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,

Pound Sterling GBP
UK data was mixed on Wednesday, with the British Retail Consortium’s Shop Price Index slipping further into deflation territory and the Halifax House Price report registering a stronger-than-expected month-on-month increase in house prices. The Pound was consequently hovering around the day’s opening levels against the Euro and US Dollar for most of the European session.

US Dollar USD
Before the publication of minutes from the latest Federal Open Market Committee policy meeting the US Dollar was trending in a stronger position against most of its currency counterparts. If the minutes are hawkish, as economists expect them to be, the ‘Greenback’s bullish relationship with its peers is likely to continue. Conversely, any dovishness from the central bank would weigh on the US Dollar.

Euro EUR
Although yesterday’s concerning German figures undermined demand for the Euro, the common currency was able to hold its own against its peers on Wednesday amid a lack of economic reports for the Eurozone. Thursday’s German trade figures could impact Euro movement.

Australian Dollar AUD
A slight softening in China’s Services and Composite PMI’s saw the Australian Dollar ease lower against the majority of its currency counterparts on Wednesday. With Australian employment stats ahead, notable ‘Aussie’ volatility can be expected before the end of the week.

New Zealand Dollar NZD
On Wednesday the New Zealand Dollar was trending in a fairly narrow range against the majority of its currency counterparts due to a lack of domestic data. The South Pacific currency might fluctuate if the upcoming Card Spending and Retail Card Spending figures for New Zealand surprise expectations.

Canadian Dollar CAD
Yesterday’s surprisingly steep decline in Canadian building permits saw the ‘Loonie’ soften across the board. The commodity-driven currency gave up the gains recorded in response to an upbeat Ivey PMI and was trending lower against both the Pound and US Dollar. Today’s Canadian Housing Starts figures could cause Canadian Dollar movement.
As of Wednesday, 8th October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2693, GBP USD exchange rate was 1.6157, GBP AUD exchange rate was 1.8287, GBP NZD exchange rate was 2.0469, GBP CAD exchange rate was 1.795, and GBP CNY exchange rate was 9.9188.
Laura Parsons About Author: (357 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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