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Euro (EUR) Slumps on Weaker Eurozone GDP Results, Pound Sterling (GBP) Climbs with Correctional Trading

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

GBP Recovers Ground with Stronger Construction Output

Correctional trading has been helping the Pound regain some of its lost ground today as traders conclude that recent declines might have been oversold. Confidence in Sterling has equally been boosted by the latest UK construction output figures, which showed a decent uptick in productivity on the year in December. Although the result ultimately fell a little short of the forecast improvement this has nevertheless kept up the more bullish attitude of the Pound today.

Disappointing Eurozone Growth Drives EUR Lower

Worries have returned to plague the Euro ahead of the weekend as the fourth quarter Eurozone GDP results proved generally disappointing, with Italian growth in particular revealing a more muted pace than expected. As farmers have clashed with riot police in Athens, protesting the government’s creditor mandated austerity reforms, concerns over Greece’s future within the Eurozone have begun to flare up once more.

USD Trends Cautiously ahead of Consumer Confidence Data

While the latest US jobless claims figures were found to have improved further than forecast on Thursday the ‘Greenback’ has struggled to regain its more bullish form against rivals. Investors remain of somewhat mixed opinions about Fed Chair Janet Yellen’s recent comments, with the US Dollar trending more cautiously ahead of the latest consumer confidence data.

CAD Rallies with Latest Rumours of OPEC Production Cut

Oil prices have been rallying once again in response to the latest suggestions of a potential OPEC production cut, buoying Brent crude back up above $31 per barrel and rescuing US crude from a twelve-year low. Consequently the Canadian Dollar has been on stronger form, in spite of Thursday’s more disappointing housing price data.

Stronger Home Loans Fail to Boost Demand for AUD

With global stock markets making an attempt to recover some of the week’s losses the Australian Dollar has nevertheless failed to benefit from a general reduction in risk aversion. The latest domestic home loans report equally offered limited support to the outlook of the ‘Aussie’, as the acceleration in lending proved a little more limited than investors had anticipated.

NZD Softens on Fears of Continued Dairy Price Decline

In spite of a more optimistic atmosphere on markets today the New Zealand Dollar has remained in a slump against the majors, as traders struggle to shake off concerns that the Reserve Bank of New Zealand (RBNZ) may be prompted to cut interest rates in March. Confidence is not high ahead of next week’s GlobalDairyTrade auction, with expectations of another slide in the price of milk solids weighing on the ‘Kiwi’.
As of Friday, 12th February 2016, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2886, GBP USD exchange rate was 1.4502, GBP AUD exchange rate was 2.0404, GBP NZD exchange rate was 2.1893, and GBP CAD exchange rate was 2.0087.
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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