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Mon 13 Jul 2020 06:18GMT

Chinese Data Falls Short, AUD Dips, CAD Softer Before BOC Announcement

Published: 15 Apr at 10 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
Although UK data is in short supply today, the Pound was able to climb against the Euro. The British currency slipped against the ‘Greenback’ however as investors deemed the US Dollar’s recent decline overdone.


Euro
With the European Central Bank’s policy statement looming, the Euro edged lower against a number of its rivals. The common currency had previously advanced in response to a better-than-expected Industrial Production report from the Eurozone, but concerns today’s ECB speech could touch on Greece kept the Euro under pressure.


US Dollar
Although the US Dollar posted broad-based declines on Tuesday as investors responded to the slightly disappointing US Advance Retail Sales figure, the safe-haven currency recouped losses ahead of the release of US industrial/manufacturing production numbers.


Australian Dollar
The Australian Dollar softened against a number of its most traded currency counterparts in response to the news that Westpac’s Consumer Confidence Index fell by a further -3.2% in April. Also weighing on the ‘Aussie’ was China’s 5.6% annual industrial production figure (far weaker than the 7.0% result expected) and the news that retail sales increased by 10.2% on the year in March rather than the 10.9% anticipated.


New Zealand Dollar
China’s ecostats may have dragged the ‘Aussie’ lower during the local session, but the New Zealand Dollar emerged largely unscathed. New Zealand’s Food Price report showed a month-on-month increase of 0.1% in March, up from the -0.7% figure recorded in February.


Canadian Dollar
If the Bank of Canada chooses to reduce borrowing costs at today’s policy meeting, the Canadian Dollar could extend declines against peers like the Pound and US Dollar. Canada’s Manufacturing Sales and Existing Home Sales reports may also prove to be a cause of ‘Loonie’ movement.
As of Wednesday, 15th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3888, GBP USD exchange rate was 1.4827, GBP AUD exchange rate was 1.9315, GBP NZD exchange rate was 1.9531, GBP CAD exchange rate was 1.824, and GBP CNY exchange rate was 9.2007.
Dominic Lee About Author: (421 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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