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Mon 13 Jul 2020 05:34GMT

Euro Softer on Greek Concerns, US Dollar Bullish on Rate Bets

Published: 10 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, Greece,

Pound Sterling
The Pound extended declines against the US Dollar and trimmed previous gains against the Euro after the UK’s Industrial/Manufacturing production data fell short. While industrial production had been expected to increase by 0.3% on the month, it only rose 0.1%. UK election concerns were also weighing on Sterling.

While the Euro was offered some respite as Greece paid the International Monetary Fund on time, the common currency went on to shed gains in reaction to the news that the Hellenic nation has been given six days to reconsider its reform proposals. A lack of economic reports for the Eurozone could limit further Euro gains in the hours ahead.

US Dollar
Ahead of speeches to be given by two key Federal Reserve officials, the US Dollar was trading in a broadly stronger position. Thursday’s impressive US initial jobless claims numbers lent the ‘Greenback’ support and added to the case in favour of a June rate increase from the Fed.

Australian Dollar
The ‘Aussie’ edged lower during the local session as Australian home loans data fell short of forecasts, increasing the odds of the Reserve Bank of Australia introducing another interest rate cut in the months ahead.

New Zealand Dollar
A complete absence of influential economic reports for New Zealand has limited the commodity-currency’s movement this week, but the ‘Kiwi’ did track the ‘Aussie’ slightly lower in spite of China’s Consumer Price Index holding steady rather than falling as forecast.

Canadian Dollar
Fluctuating oil prices and US rate hike speculation kept the ‘Loonie’ under pressure towards the close of the week. The Canadian Dollar could stage a rebound in the hours ahead if domestic employment figures surprise to the upside, but economists have forecast a very neutral report.
As of Friday, 10th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3799, GBP USD exchange rate was 1.4631, GBP AUD exchange rate was 1.9053, GBP NZD exchange rate was 1.9416, GBP CAD exchange rate was 1.8385, and GBP CNY exchange rate was 9.0838.
Dominic Lee About Author: (421 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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