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Sun 3 Jul 2022 15:29GMT

GBP/EUR Hits New High, GBP/AUD Stronger, GBP/USD Declines

Published: 10 Mar at 12 PM Tags: Euro, Dollar, Pound Sterling, America, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Greece,

Pound Sterling
Today’s British Retail Sales Like-for-Like sales report had little impact on Sterling trading. The data came in at 0.2% year-on-year in Feb, unchanged from January’s annual reading. Economists had expected an increase to 0.5%. However, although this was a below-forecast result, the Pound was still able to push above 1.40 against the Euro.

As well as sliding to a fresh low against the Pound, the Euro lost -0.65% against the US Dollar on Tuesday. Demand for the common currency fell after the European Central Bank asserted that the Greece needs to accept an assessment of its fiscal conditions by the Troika before bailout terms can be agreed.

US Dollar
Ahead of the release of US JOLTs job applications data, the US Dollar was trending higher against the ‘Aussie’, Euro and Pound. If today’s US reports support the case for a summer interest rate increase from the Federal Reserve, the ‘Greenback’ may record additional gains.

Australian Dollar
The ‘Aussie’s bearishness persisted during the Australasian session, with the South Pacific currency remaining below the 77 cent level against the US Dollar. A drop in Australian business confidence was partly responsible for the ‘Aussie’s slide.

New Zealand Dollar
Although New Zealand’s card spending data beat forecasts, the New Zealand Dollar failed to recoup losses against several of its major peers ahead of the Reserve Bank of New Zealand’s interest rate decision. Hints that a rate cut could be on the cards may push the ‘Kiwi’ to fresh lows before the end of the week.

Canadian Dollar
The Canadian Dollar was little changed on Tuesday after falling at the beginning of the week in response to a below-forecast domestic housing starts report. As negative Canadian ecostats will increase the odds of a further rate adjustment from the BOC, they are liable to weigh heavily on the commodity-driven currency.
As of Tuesday, 10th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.4082, GBP USD exchange rate was 1.5078, GBP AUD exchange rate was 1.9739, GBP NZD exchange rate was 2.0686, and GBP CAD exchange rate was 1.9114.
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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