Published: 12 Mar at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,
Yesterdayâ€™s below-forecast Industrial Production report for the UK weighed heavily on the Pound, but as todayâ€™s domestic trade data revealed a sharp narrowing in the nationâ€™s deficit, Sterling is likely to recover ground in the hours ahead.
The common currency recouped losses against several of its rivals as investors deemed the Euroâ€™s declination overdone. Todayâ€™s Industrial Production report for the Eurozone could trigger Euro volatility as the European session progresses. Speeches from various ECB officials will also be of interest.
Bets that the US Dollarâ€™s gains had been excessive inspired some modest â€˜Greenbackâ€™ losses on Wednesday. However, if todayâ€™s US Advance Retail Sales report impresses, the US Dollarâ€™s bullish relationship with its peers is likely to continue. US initial and continuing jobless claims data will also be of interest.
Better-than-forecast Australian employment figures helped the â€˜Aussieâ€™ move away from a six-year low against the US Dollar during the local session. An unexpected decline in the nationâ€™s unemployment rate saw the Australian Dollar gain on the Pound, US Dollar and Euro.
Concerns that the Reserve Bank of New Zealand could become the next major central bank to cut interest rates in 2015 were pacified by the latest RBNZ policy announcement. The institution signalled that interest rates will remain stable for the next two years and the New Zealand Dollar accordingly advanced against all of its most traded currency counterparts.
With the US Dollar dipping on bets that the US currencyâ€™s recent gains were overdone, the Canadian Dollar edged higher on Thursday. If todayâ€™s domestic New Housing Price Index comes in positively, we could see the â€˜Loonieâ€™s uptrend continue ahead of tomorrowâ€™s more influential employment stats.
As of Thursday, 12th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.4016, GBP USD exchange rate was 1.4891, GBP AUD exchange rate was 1.933, GBP NZD exchange rate was 2.0114, and GBP CAD exchange rate was 1.8898.