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Thu 16 Jul 2020 03:46GMT

EUR, CAD Decline, GBP, AUD Advance - USD Volatility Expected

Published: 16 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Greece,

Pound Sterling
The Pound held above the 1.39 level against the Euro on Thursday after demand for the common currency was dampened by the news that Greece has had its credit rating negatively revised by Standard & Poor’s. The UK’s solid House Price Balance data also helped Sterling maintain a stronger position.


Euro
Wednesday’s slightly dovish comments from the European Central Bank kept the Euro under pressure and the European asset extended losses after S&P intimated that there is a strong likelihood that Greece will default on its loan repayments. The Eurozone’s new car registrations report printed positively, but the Euro failed to benefit.


US Dollar
This week’s below-forecast US retail sales and industrial production reports have led to investors pushing back Federal Reserve interest rate hike expectations to September. If today’s US initial jobless and continuing claims figures continue the recent trend of printing below expected levels, further ‘Greenback’ losses could occur.


Australian Dollar
The Australian Dollar pushed higher against the US Dollar and Pound on Thursday as the Australian unemployment rate unexpectedly slid to 6.1%. The stronger-than-expected employment figures helped the ‘Aussie’ recoup much of the losses incurred in response to this week’s concerning Chinese data.


New Zealand Dollar
Although New Zealand’s Performance of Manufacturing Index fell from 56.1 to 54.5 and domestic job advertisements fell, the ‘Kiwi’ tracked the ‘Aussie’s gains to close out the local session in a stronger position.


Canadian Dollar
As some economists had expected the Bank of Canada to cut interest rates at Wednesday’s gathering, the fact that it refrained from doing so gave the ‘Loonie’ a boost. However, mixed domestic data and fluctuating oil prices later took the wind out of the Canadian Dollar’s sails.
As of Thursday, 16th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3876, GBP USD exchange rate was 1.4931, GBP AUD exchange rate was 1.9169, GBP NZD exchange rate was 1.9508, GBP CAD exchange rate was 1.8219, and GBP CNY exchange rate was 9.2514.
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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