Published: 13 Jan at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,
While the Pound initially posted notable declines following the release of below forecast UK inflation data, various industry experts attempted to calm deflation fears and the British currency went on to recoup losses against rivals like the Euro as trading progressed. As influential economic reports for the UK are in short supply for the rest of the week, global economic developments and fluctuations in the commodities market are likely to have the biggest impact on GBP trading.
After Fridayâ€™s mixed bag of US employment figures, expectations for a US interest rate hike were pushed back and the â€˜Greenbackâ€™ came under pressure. However, the US Dollar staged a rebound as a Fed official asserted that the strength of the US economic recovery would warrant borrowing costs being increased in mid 2015. Further currency movement could be occasioned by todayâ€™s US Monthly Budget Statement.
â€™s Wholesale Price Index registered another month of declines in December, and the report weighed on the Euro during the European session. The common currency was trading in the region of a nine-year low against the US Dollar and was struggling against the Pound even as the UKâ€™s CPI came in below forecasts.
During the South Pacific session the Australian Dollar advanced on several of its most traded currency counterparts following the release of stronger-than-anticipated trade data for China
. The â€˜Aussieâ€™ shed much of its advance however as tumbling commodity prices created a risk-off environment.
The weakness in the commodities market left the New Zealand Dollar trending 0.2% lower against the Pound and 0.4% lower against the US Dollar. The â€˜Kiwiâ€™ failed to benefit from domestic reports showing an in consumer confidence and a rebound in the ANZ Heavy Truckometer.
Like most other commodity currencies, the Canadian Dollar took a hit on Tuesday as it was speculated that the price of crude oil could sink to 40 Dollars a barrel. The â€˜Loonieâ€™ is likely to spend the day trending lower against rivals like the â€˜Greenbackâ€™.
As of Tuesday, 13th January 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.2879, GBP USD exchange rate was 1.5168, GBP AUD exchange rate was 1.8563, GBP NZD exchange rate was 1.9593, GBP CAD exchange rate was 1.8134, and GBP CNY exchange rate was 9.4006.