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Sterling Supported, Euro Softer, Australian Dollar Declines

Published: 11 Mar 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
Although today’s UK Industrial/Manufacturing Production reports for the UK came in below forecast levels, the Pound remained trading above 1.41 against a struggling Euro. Declines against the US Dollar were also limited ahead of the UK’s GDP estimate, due for publication later today.

Various reports from Greece regarding the nation’s attitude to its creditors and expectations for aid caused a broad-based softening in the Euro during the European session. With little in the way of influential domestic data to curb the trend, the Euro is likely to remain trading at a fresh seven-year low against the Pound.

US Dollar
Today’s US Monthly Budget Statement could cause some ‘Greenback’ movement, but investors with an interest in the US Dollar will largely be looking ahead to tomorrow and the publication of US advance retail sales figures and initial jobless/continuing claims data. Reports which support the case in favour of a summer rate increase from the Fed will be US Dollar supportive.

Australian Dollar
The Australian Dollar softened against the majority of its currency counterparts during the local session as China’s retail sales and industrial production reports highlighted weaknesses in the economy of Australia’s largest trading partner. Below-forecast Australian data also contributed to the ‘Aussie’s downtrend.

New Zealand Dollar
Ahead of the Reserve Bank of New Zealand’s interest rate decision, the New Zealand Dollar was weakened by a threat on the local dairy industry. An environmentalist group asserted that if the use of certain pesticides continued, it would poison New Zealand’s supply of baby formula – a key export. Dovish comments from the RBNZ could push the ‘Kiwi’ lower.

Canadian Dollar
The ‘Loonie’ continued trading on the back foot as commodity-currencies bore the brunt of Federal Reserve interest rate hike expectations. Canadian data is in short supply until tomorrow, when the nation releases its New Housing Price Index for January.
As of Wednesday, 11th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.416, GBP USD exchange rate was 1.4936, GBP AUD exchange rate was 1.9644, GBP NZD exchange rate was 2.0448, GBP CAD exchange rate was 1.9027, and GBP CNY exchange rate was 9.3532.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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