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Thu 16 Jul 2020 04:49GMT

UK CPI Sees Pound Drift Lower, USD Movement Expected on Sales Figures

Published: 14 Apr at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Greece,

Pound Sterling
The Pound was trading against the Euro in the region of 1.3851 and was achieving 1.4636 against the US Dollar following the release of the UK’s latest inflation numbers. While non-core inflation held at 0.0%, as expected, core inflation edged lower. If this week’s UK employment data doesn’t impress, the Pound could succumb to election pressures and tumble against its rivals.

Euro
Better-than-forecast industrial production data for the Eurozone saw the Euro post a modest gain against the Pound and helped the common currency hold steady against the US Dollar. However, any gains were limited by the lack of resolution to the Greek bailout saga.

US Dollar
Although the US Dollar came away from the highs achieved in the wake of China’s concerning trade report, the safe-haven currency remains fairly robust as investors focus on today’s US Advance Retail Sales report. Retail sales are expected to come in at 1.0% in March, which would make up for the previous month’s decline.

Australian Dollar
As China’s trade surplus was shown to have narrowed by considerably more than expected due to a decline in exports, the commodity-driven Australian Dollar got off to a bad start to the week. However, positive domestic business confidence/conditions numbers helped the ‘Aussie’ pare declines against the US Dollar and post a modest gain against the Pound.

New Zealand Dollar
While the ‘Kiwi’ continued to struggle in the wake of China’s trade figures, the New Zealand Dollar was pressured lower still as the NZIER Business Opinion Survey showed a decline from 24 to 23.

Canadian Dollar
Ahead of the Bank of Canada’s interest rate decision, the Canadian Dollar advanced modestly on a number of its rivals thanks to an increase in oil prices. However, if the BOC hints at the possibility of interest rates being cut again in the near future, we can expect the Canadian Dollar to fall.
As of Tuesday, 14th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3872, GBP USD exchange rate was 1.4775, GBP AUD exchange rate was 1.9393, GBP NZD exchange rate was 1.9668, GBP CAD exchange rate was 1.8451, and GBP CNY exchange rate was 9.1775.
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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