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Mon 30 Nov 2020 20:40GMT

USD to Fluctuate on Sales Data, EUR Trending Lower, CAD Slumps

Published: 14 Jan at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,

Pound Sterling
After several high profile UK officials highlighted the potentially positive impact of lower domestic inflationary levels the Pound advanced on peers like the Euro and US Dollar. Tomorrow’s RICS House Price balance report could cause some Sterling movement, but investors will be paying greater attention to any comments issued by Bank of England (BoE) officials in the days ahead.

US Dollar
One of the more dovish members of the Federal Reserve may have warned against raising interest rates in 2015, but collapsing commodity prices and a risk-off environment kept the ‘Greenback’ supported ahead of the release of the US Advance Retail Sales report. A slump in sales could prove negative for the US Dollar.

On Wednesday the Eurozone’s Industrial Production report showed an unexpected month-on-month gain of 0.2% and a better-than-forecast annual reading of -0.4%. However, the Euro’s bearish relationship with the majority of its currency rivals continued as European Central Bank President Mario Draghi intimated that the central bank is preparing to roll out quantitative easing.

Australian Dollar
A risk-off environment and further dips in the price of commodities like copper left the Australian Dollar trending lower against the US Dollar, Pound and New Zealand Dollar. The nation’s employment figures (due out at 00:30 GMT) could have a notable impact on the ‘Aussie’ exchange rate.

New Zealand Dollar
Although the New Zealand Dollar was able to outperform its Australian rival, dairy price concerns, a risk off environment and below forecast domestic card spending data all piled pressure on the ‘Kiwi’ during the South Pacific session.

Canadian Dollar
The ‘Loonie’ weakened beyond 1.20 against the US Dollar on Wednesday – the softest level recorded since the second quarter of 2009. Given that Canadian data is in short supply, commodity prices will be the main cause of Canadian Dollar movement today.
As of Wednesday, 14th January 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2927, GBP USD exchange rate was 1.5234, GBP AUD exchange rate was 1.8709, GBP NZD exchange rate was 1.9752, and GBP CAD exchange rate was 1.8204.
Dominic Lee About Author: (443 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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