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Wed 3 Jun 2020 08:32GMT

Daily Currency Update: Euro Lower before ZEW, US Industrial Production Ahead

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,

Pound Sterling
Ahead of this week’s main UK news – the nation’s employment figures and minutes from the Bank of England’s last policy meeting – the Pound was trading close to a seven-year high against the Euro and in the region of a 4 ½ year low against the US Dollar. The British asset derived some support from the UK’s Rightmove House Price data, which showed fairly sturdy price growth.

Euro
With the Eurozone’s quantitative easing programme and ‘Grexit’ discussions continuing to weigh on the common currency, the Euro is still struggling against several of its main peers. Tomorrow’s ZEW economic sentiment surveys for Germany and the Eurozone are likely to have an impact on Euro trading.

US Dollar
Prior to the release of the US Industrial Production report the ‘Greenback’ edged lower against the Pound as a result of profit-taking. Today’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.

Australian Dollar
Speculation surrounding the prospect of another interest rate cut from the Reserve Bank of Australia (RBA) saw the ‘Aussie’ 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.

New Zealand Dollar
With New Zealand’s Performance of Services index showing a dip in February, the ‘Kiwi’ posted modest declines against several of its main rivals. The measure of the services sector fell from 57.8 in January to 55.6.

Canadian Dollar
Friday’s Canadian employment figures had little impact on the ‘Loonie’ despite showing an increase in the level of joblessness. However, a dip in oil prices did weigh on the commodity-driven asset. This week’s Canadian inflation data could have a notable impact on the currency’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.
Laura Parsons About Author: (357 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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