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Tue 27 Oct 2020 18:50GMT

Euro (EUR) Drops After GDP Reports, US Dollar Fluctuates

Published: 15 May at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6751
The Pound held declines against the US Dollar on Thursday as investors dwelt on the Bank of England’s dovish rhetoric. However, disappointing news from the Eurozone helped the Pound recover losses against the Euro.

US Dollar
USD/GBP – Trading in the Region of 0.5970
The ‘Greenback’ was slightly softer against several of its rivals ahead of Federal Reserve Chairwoman Janet Yellen’s address to the Chamber of Commerce. The safe-haven asset could experience considerable volatility later today as US inflation data and industrial/manufacturing production figures are published.

EUR/USD – Trading in the Region of 1.3659
After growth data showed that the Eurozone’s economy expanded by half the forecast amount in the first quarter of the year the Euro dropped to an 11-week low against the US Dollar. The common currency was also weaker against rivals like the Pound and ‘Aussie’.

Australian Dollar
AUD/USD – Trading in the Region of 0.9363
Despite a lack of significant data releases for Australia, the ‘Aussie’ closed the local session in a stronger position against several of its peers.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8661
Even though the Business New Zealand performance of manufacturing index declined in April, the ‘Kiwi’ maintained a stable trading position during the local session.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9197
Yesterday the Canadian Dollar was able to advance on a struggling Pound. If today’s domestic manufacturing shipments and existing home sales reports impress, the ‘Loonie’ could extend gains.

Japanese Yen
USD/JPY – Trading in the Region of 101.9300
Above-forecast growth figures for Japan buoyed the Yen and helped it strengthen against the US Dollar and Pound.

South African Rand
USD/ZAR – Trading in the Region of 10.3124
Violence in South Africa’s platinum mining sector and disappointing Eurozone growth figures left the Rand a little softer on Thursday.
As of Thursday, 15th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2245, GBP USD exchange rate was 1.6793, GBP AUD exchange rate was 1.7943, GBP NZD exchange rate was 1.9407, GBP CAD exchange rate was 1.8265, GBP JPY exchange rate was 170.4547, and GBP ZAR exchange rate was 17.4694.
Dominic Lee About Author: (438 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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