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Mon 15 Jul 2024 10:32GMT

GBP Steady, USD Declines after Jobs Data, EUR Gains on Confidence Growth

Published: 10 Nov 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
A lack of UK data severely limited Pound Sterling movement on Monday and the British currency stayed trading around the day’s opening levels against the US Dollar for most of the European session. However, the GBP/EUR exchange rate was able to edge higher in spite of the Eurozone releasing a better-than-expected Consumer Sentiment Index. Tomorrow modest Pound movement could be caused by the British Retail Consortium’s Like-for-Like sales report.

US Dollar
Last week’s US Non-Farm Payrolls report left the US Dollar trending in a weaker position against several of its most traded currency counterparts. Although the US unemployment rate fell, the nation added fewer positions than expected and the pace of wage growth failed to accelerate to the extent expected. On Monday a lack of pertinent US news prevented the US Dollar from recouping these losses and the currency continued trending lower.

After advancing on the back of a better-than-expected German trade report on Friday, the common currency was given a modest boost on Monday in the form of a better-than-expected Consumer Confidence report. With data from the currency bloc in short supply on Tuesday, further Euro movement may be limited.

Australian Dollar
Australia’s Home Loans report may have registered a steeper-than-forecast decline, but China’s export numbers and inflation report pushed the South Pacific asset higher against both the US Dollar and Pound. Australia’s Business Conditions/Confidence data may spark additional ‘Aussie’ movement overnight.

New Zealand Dollar
Like its Australian counterpart, the New Zealand Dollar broadly strengthened thanks to China’s encouraging data. Domestic figures were in short supply on Monday, but Tuesday sees the release of New Zealand’s Card Spending and House Price data so ‘Kiwi’ movement could be on the cards.

Canadian Dollar
Friday’s impressive Canadian employment gain pushed the ‘Loonie’ higher at the close of the week. The Canadian Dollar pared these gains on Monday after Canadian Housing Starts were shown to have come in below forecast levels. Housing starts were believed to have come in at 200,000 in October but they actually recorded at 183,600.
As of Monday, 10th November 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2756, GBP USD exchange rate was 1.5849, GBP AUD exchange rate was 1.8375, GBP NZD exchange rate was 2.0437, GBP CAD exchange rate was 1.8022, and GBP CNY exchange rate was 9.6986.
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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