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Mon 15 Jul 2024 10:33GMT

USD Stronger, AUD Rebounds, NZD Remains Buoyant after RBNZ Decision

Published: 15 Dec at 2 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling
A less-than-impressive UK Construction Output report left the Pound trending in a softer position against several of its rivals on Friday. The British currency is likely to experience extensive volatility next week following the release of the Bank of England’s meeting minutes, UK employment figures and the nation’s retail sales report.

US Dollar
While the impressive US retail sales gain gave the US Dollar a lift on Thursday, the ‘Greenback’s uptrend was a little stilted. The US currency could trend higher today if the US University of Michigan Confidence index shows the improvement expected by economists.

Germany’s Wholesale Price Index may have recorded a decline of -0.7 in November, but the Euro remained unexpectedly buoyant. The common currency was trending higher against almost all of its counterparts during the European session and was little changed after Eurozone industrial production increased by less-than-expected in October, month-on-month.

Australian Dollar
The Australian Dollar fluctuated during the Australasian session after Reserve Bank of Australia Governor Glenn Stevens asserted that the currency is likely to extend recent losses next year. Stevens also stated that the RBA has no plans to cut interest rates at present. The ‘Aussie’ closed out South Pacific trading in a stronger position against the US Dollar and Pound.

New Zealand Dollar
The slightly hawkish comment from the Reserve Bank of New Zealand kept the New Zealand Dollar trending higher as the week continued. The ‘Kiwi’ was also boosted as the domestic Consumer Confidence index gained by 3.9% to 126.5. However, the Business NZ Performance of Manufacturing Index slipped from 58.9 to 55.2 in November.

Canadian Dollar
Depressed crude oil prices kept the ‘Loonie’ under pressure on Thursday and the commodity-driven currency failed to see any benefit from Canada’s on-target New Housing Price Index. With Canadian data in short supply today, it will be up to global economic developments to drive ‘Loonie’ movement in the hours ahead.
As of Monday, 15th December 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2573, GBP USD exchange rate was 1.5643, GBP AUD exchange rate was 1.9045, GBP NZD exchange rate was 2.0205, and GBP CAD exchange rate was 1.8233.
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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