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Major Currencies Daily Roundup: GBP Gains, EUR softens and USD Holding Steady

Published: 9 Dec at 5 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)
The Pound Sterling strengthened against the majority of its most traded currency rivals as a result of the Bank of England suggesting that UK households could handle incremental rate increases. A slight improvement in employment confidence has also bolstered the Sterling uptrend.

Euro (EUR)
The common currency slumped against the majority of its currency competitors on Monday after German data printed disappointingly. On a yearly basis, German Industrial Production failed to meet with expected growth of 0.9%, with the actual result only reaching 0.8%.

US Dollar (USD)
Although US data printed negatively on Monday, the US Dollar has held steady against most of its major peers. This can be attributed to positive sentiment towards the Federal Reserve amid a clear policy divergence from other major central banks.

Canadian Dollar (CAD)
After Canadian economic data produced mixed result on Monday, the Canadian Dollar is trending within a narrow range against its rivals. Housing Starts increased from 183,700 to 195,600, but Building Permits declined from 12.5% to 0.7%.

Australian Dollar (AUD)
The Australian Dollar softened against the majority of its competitors after China’s imports and exports declined significantly. Mixed results from Australian economic data have had little impact on the ‘Aussie’ (AUD).

New Zealand Dollar (NZD)
Alike the Australian Dollar, the New Zealand Dollar has softened against nearly all of its major peers as a result of disappointing Chinese trade data. Card Spending data, due for publication later on Monday evening, has the potential to provoke volatility.
As of Tuesday, 9th December 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2661, GBP USD exchange rate was 1.5684, GBP AUD exchange rate was 1.89, GBP NZD exchange rate was 2.0393, GBP CAD exchange rate was 1.7946, and GBP CNY exchange rate was 9.7051.
Dominic Lee About Author: (474 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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