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Wed 2 Dec 2020 01:07GMT

Pound Volatility Expected After UK Inflation Data, GBP/EUR, GBP/USD

Published: 14 Jan at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6422
The Pound began the day slightly stronger against the US Dollar and Euro but went on to fluctuate following the release of UK inflation data. UK consumer prices rose by less-than-expected in December, climbing 0.4 per cent month-on-month rather than the 0.5 per cent expected.

US Dollar
USD/GBP – Trading in the Region of 0.6090
With the FOMC due to meet at the end of the month and the probability of stimulus being tapered dependent on positive US data, today’s advance US retail sales report is of considerable interest. Sales are forecast to climb by 0.1 per cent in December.

Euro
EUR/USD – Trading in the Region of 1.3689
The Euro may have been little affected by German wholesale price figures, but today’s industrial output report for the Eurozone could cause movement. Industrial output is expected to have advanced by 1.4 per cent in November, month-on-month.

Australian Dollar
AUD/USD – Trading in the Region of 0.9027
The ‘Aussie’ shed gains against its major peers during Australasian trading and could continue edging away from its recent one-month high against the US Dollar depending on the outcome of tomorrow’s Chinese loan data.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8394
After a measure of New Zealand’s business confidence rose to a twenty-month high the ‘Kiwi’ strengthened against the majority of its peers. The commodity-driven asset could extend gains if today’s domestic food price report is positive.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9173
Last week’s less-than-impressive Canadian employment data is keeping pressure on the ‘Loonie’ and the commodity-driven currency remains close to a four-year low against the US Dollar. Yesterday’s below estimate business outlook index for Canada also saw the ‘Loonie’ consolidate losses against the Pound and Euro.

Japanese Yen
USD/JPY – Trading in the Region of 103.4200
In the aftermath of the release of Japan’s current account deficit data the Yen stumbled, posting its most significant decline against the US Dollar for two weeks. Tomorrow’s Japanese machine tool orders figures could inspire more Yen movement, although investors will also be focusing on today’s US advance retail sales report.

South African Rand
USD/ZAR – Trading in the Region of 10.8810
With an approaching strike in South Africa’s platinum sector weighing on the nation’s economic outlook the Rand dropped to a five-year low against its US counterpart. The currency was further affected by disappointing domestic mining production figures.
As of Tuesday, 14th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2024, GBP USD exchange rate was 1.6433, GBP AUD exchange rate was 1.8339, GBP NZD exchange rate was 1.9644, GBP CAD exchange rate was 1.7992, GBP CNY exchange rate was 9.9276, GBP JPY exchange rate was 171.2263, and GBP ZAR exchange rate was 17.7944.
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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