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Wed 3 Jun 2020 07:43GMT

CAD Fluctuations to Follow Employment Stats, GBP Exchange Rate Lower, USD Gains

Published: 10 Oct at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling GBP
The Pound broadly softened on Friday in spite of data showing a narrowing in the UK’s trade deficit. Poor domestic Construction Output stats and the acknowledgement that the economic situation in the Eurozone is having a detrimental effect on the UK contributed to the Pound’s weakness. Sterling was softer against the US Dollar and Euro but was able to advance modestly on the Australian Dollar in a risk-sensitive environment.

US Dollar USD
After declining on the back of an unexpectedly dovish set of policy meeting minutes, the US Dollar managed to recoup much of its losses before the close of the week. The ‘Greenback’ was supported against the majority of its peers as investors flocked to safe-haven assets in response to the concerns raised by the International Monetary Fund regarding threats to global growth. Before the weekend the US Budget Statement could cause more USD movement.

Euro EUR
Yesterday’s less-than-impressive German trade data put the Euro under pressure, but with both the European Central Bank and International Monetary Fund asserting that Germany needs to take action to support the Eurozone, the common currency recovered. The Euro to Pound exchange rate gained by nearly 0.2% in a quiet data day for the 18-nation region.

Australian Dollar AUD
Concerns regarding the reliability of Australia’s employment statistics wore on the Australian Dollar overnight. The South Pacific currency was also dragged lower against the Pound and US Dollar by sliding domestic Home Loans and Investment Lending figures and a drop in risk appetite.

New Zealand Dollar NZD
The New Zealand Dollar was trending in a softer position against the majority of its currency counterparts as investors look the IMF’s growth warnings to heart and ditched higher risk currencies. The ‘Kiwi’ did manage to advance on a broadly softer Australian Dollar.

Canadian Dollar CAD
The ‘Loonie’ strengthened against the Pound but slipped slightly against the US Dollar ahead of the release of Canada’s employment figures for September. It has been forecast that the nation added 20,000 positions in September, with the unemployment rate holding at 7.0%. A surprise to the upside could bolster the Canadian Dollar.
As of Friday, 10th October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2729, GBP USD exchange rate was 1.6076, GBP AUD exchange rate was 1.8508, GBP NZD exchange rate was 2.0571, and GBP CAD exchange rate was 1.8004.
Dominic Lee About Author: (412 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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