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Currency News Now: Sterling Surges, Aussie Tumbles

Published: 12 Feb at 2 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Greece,

Pound Sterling
A fairly optimistic quarterly inflation report from the Bank of England saw Sterling surge against the majority of its rivals on Monday. The British asset climbed by more than 0.5% against both the Euro and US Dollar as well as posting a whopping 1.3% gain against the ‘Aussie’.

US Dollar
The US Dollar came under a little pressure prior to the release of domestic retail sales figures and extended declines after it was shown that sales dropped by -0.8% on the month in December, more than the -0.4% decline expected. Initial jobless claims also disappointed and contributed to the ‘Greenback’s downtrend.

Negatively revised German inflation data, a disappointing Industrial Production figure for the Eurozone and the pressure of the ongoing Greek debt negotiations conspired to push the Euro lower over the course of European trading. Tomorrow’s fourth quarter growth figures for the currency bloc and its largest economies could cause further Euro movement.

Australian Dollar
The ‘Aussie’ plummeted against the majority of its peers during the Australasian session as the Australian unemployment rate unexpectedly leapt to a 13-year high. The AUD/GBP exchange rate was trading in the region of a 5-year low as European trading began.

New Zealand Dollar
A risk-off environment and a poor domestic Performance of Manufacturing Index inspired a ‘Kiwi’ downtrend overnight and the South Pacific currency remains trading in a weaker position ahead of the release of New Zealand’s food price figures.

Canadian Dollar
Canada’s New Housing Price Index printed at 1.7% on the year in January, in line with expectations. The report had little to no impact on the ‘Loonie’. The commodity-currency had previously clawed back losses thanks to a recovery in oil prices.

As of Thursday, 12th February 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3496, GBP USD exchange rate was 1.539, GBP AUD exchange rate was 1.9844, GBP NZD exchange rate was 2.0708, and GBP CAD exchange rate was 1.9255.
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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