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Sun 27 Sep 2020 11:05GMT

RBA Minutes Drive Australian Dollar Lower, Oil Prices Impact Canadian Dollar Exchange Rate

Published: 17 Mar at 9 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,

Pound Sterling
Despite UK data lacking and forecasts for tomorrow’s domestic job numbers to show improvement, the Pound broadly softened on Tuesday. Sterling stumbled against the Euro and US Dollar as well as shedding the gains acquired against the ‘Aussie’ following the publication of the RBA’s policy meeting minutes. If today’s reports for the US and Eurozone impress, the Pound could extend losses in the hours ahead.

Euro
The belief that today’s ZEW economic sentiment surveys for the Eurozone and its largest economy will show improvement pushed the common currency higher against several of its rivals. If the confidence gauges do show the improvement expected, the Euro may continue trending higher against the Pound and US Dollar.

US Dollar
Although Monday’s US Industrial/Manufacturing Production data fell short of forecasts, the US Dollar swiftly recouped initial losses as investors bet that the Federal Reserve will adopt a more hawkish tone in tomorrow’s policy statement. In the hours ahead the US Housing Starts and Building Permits figures could spark ‘Greenback’ fluctuations.

Australian Dollar
The ‘Aussie’ tumbled during the Australasian session before recouping some of its losses at the beginning of European trading. The South Pacific asset was driven lower by the minutes from the RBA’s last policy meeting as they hinted at future rate cuts.

New Zealand Dollar
Economic reports for New Zealand were lacking at the beginning of the week but the commodity-driven ‘Kiwi’ was still able to drift higher against Sterling and the ‘Greenback’. Today’s domestic current account figures may cause New Zealand Dollar movement.

Canadian Dollar
After an official body claimed that oil prices haven’t quite bottomed out yet, the commodity fell and the Canadian Dollar was dragged down with it. However, the ‘Loonie’ has since recovered some of these losses and may extend gains in the hours ahead if Canada’s Manufacturing Shipments report impresses.
As of Tuesday, 17th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3922, GBP USD exchange rate was 1.4751, GBP AUD exchange rate was 1.9355, GBP NZD exchange rate was 2.0169, and GBP CAD exchange rate was 1.8864.
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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