Published: 11 Feb at 2 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,
The Pound has been enjoying a solid few days of trading thanks to UK data largely outperforming expectations. Hopes that this week’s Bank of England (BoE) quarterly inflation report will reignite 2015 interest rate hike projections were also lending Sterling support.
The US Dollar was trading in a slightly softer position against a bullish Pound but edged higher against the Euro prior to the publication of US Advance Retail Sales data. Tomorrow’s report is expected to show another month of sliding sales. If that proves to be the case, the ‘Greenback’ could come under pressure. That being said, a general risk-off environment may keep the US Dollar supported to a certain extent.
The Euro dropped to a fresh 7-year low against the Pound on Wednesday as investors grew concerned that today’s gathering of European finance ministers could mark another step on the path towards a Grexit. Further Euro losses could be on the horizon.
published some encouraging and better-than-forecast data during the Australasian session, the ‘Aussie’ fell back below 78 cents against the US Dollar. The Australian Dollar was also trading in a softer position against the Pound ahead of the release of Australia’s employment report.
A worse-than-expected Retail Card Spending report for New Zealand, coupled with geopolitical concerns and fluctuating commodity prices, saw the New Zealand Dollar edge lower against several of its most-traded currency counterparts. The upcoming Performance of Manufacturing report could cause further ‘Kiwi’ fluctuations.
The struggled against most of its rivals as a result of comments issued by a Bank of Canada
official. The BOC policymaker indicated that the central bank is prepared to cut interest rates further in order to support the domestic economy.
As of Wednesday, 11th February 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.3476, GBP USD exchange rate was 1.5242, GBP AUD exchange rate was 1.9745, GBP NZD exchange rate was 2.0671, and GBP CAD exchange rate was 1.9233.