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Mon 1 Jun 2020 08:54GMT

GBP Trends Lower before CPI, USD Dips, AUD and NZD Climb after Chinese Data

Published: 13 Oct at 6 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,

Pound Sterling GBP
While the UK’s Lloyds Employment Confidence index detailed a gain in September, the report did little to prevent the Pound sliding against the majority of its currency counterparts. The GBP/EUR exchange rate lost over 0.4% while the GBP/USD exchange rate eased over 0.2% lower and the GBP/AUD pairing dropped 0.9%. Sterling was struggling ahead of the publication of the UK’s employment figures and consumer price index. If either report adds to the case in favour of the BoE leaving interest rates on hold, the Pound could post widespread declines.

US Dollar USD
With dimming global growth prospects pushing back expectations regarding the Federal Reserve increasing interest rates in the spring of next year, the US Dollar softened against almost all of its currency counterparts. The US Monthly Budget Statement could cause further US Dollar movement overnight.

Euro EUR
Yesterday’s less-than-impressive German trade data put the Euro under pressure, but with both the European Central Bank and International Monetary Fund asserting that Germany needs to take action to support the Eurozone, the common currency recovered. The Euro to Pound exchange rate gained by nearly 0.2% in a quiet data day for the 18-nation region.

Australian Dollar AUD
With China’s export/import figures surprising to the upside, the commodity-driven Australian Dollar was able to advance on many of its most-trade rivals. The ‘Aussie’ was little changed following the release of Australia’s Credit Card Balances/Purchases figures.

New Zealand Dollar NZD
Although New Zealand published mixed economic data over the weekend (with Food Prices dropping and House Prices rising) China’s stronger-than-forecast trade stats helped bolster the New Zealand Dollar. The ‘Kiwi’ was able to strengthen against both the Pound and US Dollar and even advanced on its South Pacific rival, the ‘Aussie’.

Canadian Dollar CAD
Amid falling oil prices, risk aversion and a lack of Canadian economic data, the Canadian Dollar was trending lower against several of its peers. Canadian reports are severely lacking until Friday, when the nation’s Consumer Price Index could spark volatility.
As of Monday, 13th October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2621, GBP USD exchange rate was 1.6073, GBP AUD exchange rate was 1.8357, GBP NZD exchange rate was 2.0391, GBP CAD exchange rate was 1.7993, and GBP CNY exchange rate was 9.8456.
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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