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FOMC Minutes Boost US Dollar, Pound Struggles after Trade Data

Published: 9 Apr at 10 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
As the Bank of England has cited the widening UK budget deficit as a major cause for concern, the morning’s less-than-impressive trade stats triggered Sterling losses. In the hours ahead the BoE interest rate announcement could cause modest Pound movement.

Mixed German data and the ongoing Greek debt negotiations put the Euro under pressure and the common currency softened against a number of peers. The Euro was able to gain against the Pound however as British trade data fell short.

US Dollar
As the minutes from the last Federal Open Market Committee meeting showed that several policymakers are still supporting a June interest rate increase, the ‘Greenback’ advanced on its main currency counterparts.

Australian Dollar
An uptick in the AiG Performance of Construction index, which took the gauge back above the 50 mark separating growth from contraction, helped the ‘Aussie’ hold gains against the US Dollar even as the FOMC minutes put a summer rate hike back on the table.

New Zealand Dollar
The New Zealand Dollar followed its Australian relation higher during the South Pacific session and held gains against rivals including the Pound, Euro and US Dollar ahead of the release of Chinese inflation data.

Canadian Dollar
Fluctuating oil prices and supply glut concerns caused ‘Loonie’ fluctuations on Wednesday. In the hours ahead, Canada’s Building Permits report and New Housing Price Index could trigger currency movement.
As of Thursday, 9th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3796, GBP USD exchange rate was 1.4712, GBP AUD exchange rate was 1.9118, GBP NZD exchange rate was 1.9462, GBP CAD exchange rate was 1.8516, and GBP CNY exchange rate was 9.1295.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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