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GBP Holding Steady ahead of Inflation Report, EUR Edges Higher on French Growth and US Dollar Bearish ahead of Key Data

Published: 13 May at 9 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Greece,

Pound Sterling (GBP)
Amid mounting speculation that the Conservatives will hold a referendum on European Union membership by 2016, the Pound edged lower versus many of its most traded currency rivals. Wednesday has seen Sterling trending relatively statically versus its major peers as traders await labour market data. Additional hesitancy to invest in the Pound can be attributed to traders awaiting the Bank of England (BoE) Inflation Report, which is the first opportunity to see how the BoE will approach monetary policy under a Tory government.

Euro (EUR)
Although the situation in Greece is throwing up increased concern that the cash-strapped nation is dangerously close to bankruptcy, the shared currency edged higher versus most of its major peers on Wednesday morning. This is largely due to positive results from French growth data and German inflation data. However, cooling growth out of the currency bloc’s most powerful nation has stymied the single currency advance somewhat.

US Dollar (USD)
Although US economic data printed comparatively positively on Tuesday, compared with recent weeks, the US Dollar continues to soften versus most of its major competitors. The declination can be attributed to expectations that Advance Retail Sales data, due for publication later on Wednesday, will show sales cooled in April.

Australian Dollar (AUD)
After iron ore prices rallied significantly in response to policy easing in China, the ‘Aussie’ (AUD) softened versus the majority of its most traded currency rivals on Wednesday. The depreciation can be linked to disappointing domestic data and poor economic data out of China. Aiding the Australian Dollar slide is generally dampened trader risk-appetite as the geopolitical situation in Greece shows no sign of a speedy conclusion.

New Zealand Dollar (NZD)
The New Zealand Dollar edged higher versus many of its major peers on Wednesday after having spiked during the Australasian session. The advance can be attributed to easing concern of a Reserve Bank of New Zealand (RBNZ) rate cut as the institution imposes stricter regulations on the Auckland housing market. The advance has been somewhat sluggish on Wednesday, however, with market sentiment dragging its heels.

Canadian Dollar (CAD)
The Canadian Dollar softened fractionally versus its major peers after having made reasonable gains previously thanks to rising crude prices. The general declination is the results of dampened appetite for risk-correlated assets as the situation in Greece rocks market sentiment.
As of Wednesday, 13th May 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3864, GBP USD exchange rate was 1.5742, GBP AUD exchange rate was 1.9383, GBP NZD exchange rate was 2.0876, GBP CAD exchange rate was 1.8815, and GBP CNY exchange rate was 9.7675.
Laura Parsons About Author: (357 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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