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Mon 1 Jun 2020 10:18GMT

Euro Declines After Inflation Data, Pound Static

Published: 17 Mar at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, Russia, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6630
As a Rightmove report showed that UK property asking prices climbed to a record high in March, the Pound was little-changed against peers like the US Dollar and Euro. The British currency may trade in a narrow range ahead of Wednesday’s influential domestic employment figures and the publication of minutes from the most recent Bank of England policy meeting.

US Dollar
USD/GBP – Trading in the Region of 0.6015
‘Greenback’ gains occurred over the weekend as the Crimea referendum inspired demand for safe-haven assets. Today’s US manufacturing/industrial production figures could be responsible for additional US Dollar movement.

Euro
EUR/USD – Trading in the Region of 1.3898
During the local session the Euro lost ground against several of its most traded currency counterparts as inflation data for the Eurozone came in below forecast levels. If tomorrow’s ZEW economic sentiment surveys show the decline in confidence forecast by economists, Euro weakness could persist.

Australian Dollar
AUD/USD – Trading in the Region of 0.9083
As Westpac economists asserted that they no longer expect a Reserve Bank of Australia rate cut to occur this year, the Australian Dollar was able to recover ground against the majority of its most traded currency counterparts.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8576
An upbeat domestic consumer confidence report pushed the ‘Kiwi’ higher against peers like the Pound and Euro during Australasian trading. With New Zealand’s growth data for the fourth quarter due out later this week the South Pacific currency could experience volatility over the next few days.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9049
During European trading the ‘Loonie’ was able to strengthen against peers like the Pound and Euro ahead of the release of Canadian existing home sales figures.

Japanese Yen
USD/JPY – Trading in the Region of 101.8000
While the Yen initially surged against its major peers in the aftermath of the Crimea referendum, the safe-haven asset trimmed its advance as Russian stocks climbed,

South African Rand
USD/ZAR – Trading in the Region of 10.6950
As a new week of trading began the Rand was looking fairly vulnerable. Rand movement may be limited ahead of Wednesday and the release of South African inflation figures.
As of Monday, 17th March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1949, GBP USD exchange rate was 1.664, GBP AUD exchange rate was 1.8318, GBP NZD exchange rate was 1.944, GBP CAD exchange rate was 1.8402, GBP JPY exchange rate was 169.5223, GBP RUB exchange rate was 60.4585, and GBP ZAR exchange rate was 17.8893.
Dominic Lee About Author: (412 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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