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Mon 13 Jul 2020 06:45GMT

Euro (EUR) Rises as Eurozone Nations Cautious Reopen

Published: 15 Apr at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Australia, New Zealand, USA, China, France, Italy,

Pound (GBP)

The Pound (GBP) put in a mixed performance today, with GBP rising against many of the risk-correlated currencies on hopes that the Government could conceded over pressures from Labour leader Keir Starmer to release plans to ease the lockdown, while it struggle against the Euro and the US Dollar.

Sterling remains under pressure from growing concerns for the UK economy after the OBR suggested that the UK GDP could fall by -35% in the second quarter.

Chancellor Rishi Sunak also said that he was ‘deeply concerned’ about the economy going forward, which has left many investors wary of the Pound as the UK is still to reach the ‘peak’ of the coronavirus crisis.

Euro (EUR)

The Euro (EUR) rose today as nations heavily hit by the coronavirus – Spain and Italy – continue to show signs of dropping off. This boosted market optimism in the single currency as the Eurozone can now take steps towards economic recovery.

Austria and Spain have allowed some non-essential workers to return to work, while French President Emmanuel Macron has also considered ways of ending the nation’s lockdown.

US Dollar

The US Dollar (USD) has benefited from US President Donald Trump’s insistence on re-opening the American economy. Although Mr. Trump has stepped down from claiming total authority, he has now suggested that individual governors should have the right to reopen their respective states.

The safe-haven ‘Greenback’ has also benefited from investors becoming increasingly concerned over the state of the global economy, leaving many risky-assets shunned as the coronavirus ravages some of the world’s biggest economies.

Australian Dollar

The Australian Dollar (AUD) suffered today after Australia’s Westpac Consumer Confidence survey fell to its worst levels since the early 1990s. Consequently, the ‘Aussie’ fell on growing concern over Australia’s economy going forward.

Australian unemployment fears are also clipping the Australian Dollar’s gains.

Tomorrow will see the release of Australia’s unemployment rate, which is expected to rise by 5.5% in March.

New Zealand Dollar (NZD)

The New Zealand Dollar (NZD) has also performed badly amid sinking risk sentiment. This followed reports of new coronavirus cases in China, which has sparked fears that the world’s second largest economy could face a second outbreak in the near-term.

As of Wednesday, 15th April 2020, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1487, GBP USD exchange rate was 1.2522, GBP AUD exchange rate was 1.9836, GBP NZD exchange rate was 2.0914, and GBP CNY exchange rate was 8.8504.
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