Published: 16 Mar at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,
Ahead of this weekâ€™s main UK news â€“ the nationâ€™s employment figures and minutes from the Bank of Englandâ€™s last policy meeting â€“ the Pound was trading close to a seven-year high against the Euro and in the region of a 4 Â½ year low against the US Dollar. The British asset derived some support from the UKâ€™s Rightmove House Price data, which showed fairly sturdy price growth.
With the Eurozoneâ€™s quantitative easing programme and â€˜Grexitâ€™ discussions continuing to weigh on the common currency, the Euro is still struggling against several of its main peers. Tomorrowâ€™s ZEW economic sentiment surveys for Germany
and the Eurozone are likely to have an impact on Euro trading.
Prior to the release of the US Industrial Production report the â€˜Greenbackâ€™ edged lower against the Pound as a result of profit-taking. Todayâ€™s data is expected to show that industrial production increased by 0.2% on the month in February. A disappointing result may see the USD/GBP pairing register further declines.
Speculation surrounding the prospect of another interest rate cut from the Reserve Bank of Australia
(RBA) saw the â€˜Aussieâ€™ begin the week in a slightly softer position. The minutes from the last gathering are due out tomorrow and may indicate whether policymakers intend to adjust policy in the months ahead.
With New Zealandâ€™s Performance of Services index showing a dip in February, the â€˜Kiwiâ€™ posted modest declines against several of its main rivals. The measure of the services sector fell from 57.8 in January to 55.6.
Fridayâ€™s Canadian employment figures had little impact on the â€˜Loonieâ€™ despite showing an increase in the level of joblessness. However, a dip in oil prices did weigh on the commodity-driven asset. This weekâ€™s Canadian inflation data could have a notable impact on the currencyâ€™s performance.
As of Monday, 16th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.4023, GBP USD exchange rate was 1.4825, GBP AUD exchange rate was 1.9396, GBP NZD exchange rate was 2.0089, and GBP CAD exchange rate was 1.894.