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AUD, NZD Trend Higher, GBP Struggling, EUR Gains

Published: 17 Nov at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling
Yesterday’s dovish quarterly inflation report from the Bank of England (BoE) left the Pound trending in a weaker position against all of its major currency counterparts. The GBP/USD exchange rate brushed a 14-month low and the GBP/EUR exchange rate fell below 1.27. A lack of influential UK reports limited Pound movement on Thursday but the currency could fluctuate tomorrow as UK Construction Output data is published.

US Dollar
The US Dollar edged lower against rivals like the Euro as a high-profile Federal Reserve official asserted that the first increase in US borrowing costs should take place either in the middle of next year or in the latter half. However, the ‘Greenback’ could recoup losses before the close of the local session if this week’s US initial jobless and continuing claims reports impress.

The Euro was enjoying a comparatively bullish relationship with both the Pound and US Dollar on Wednesday as Germany’s Consumer Price Index for October was left unrevised. Common currency strength persisted even after the publication of the European Central Bank’s monthly report. The central bank asserted that it envisages inflation remaining at its currently low levels in the months ahead. Tomorrow’s GDP reports for the Eurozone and its largest economies are likely to spark further Euro movement.

Australian Dollar
Although the Australian Dollar initially weakened in response to comments issued by Reserve Bank of Australia Deputy Governor Christopher Kent regarding intervention in the FX market, the South Pacific currency swiftly bounced back. With a Fed official pushing back US interest rate hike expectations, higher-risk currencies like the Australian Dollar were able to strengthen.

New Zealand Dollar
Overnight the New Zealand Dollar rallied against its most traded currency counterparts in response to encouraging domestic data. New Zealand’s Business Performance of Manufacturing Index climbed from a positively revised 58.5 to 59.3 in October and Food Prices stagnated on the month following September’s -0.8% decline. It wasn’t all good news for New Zealand however as the nation’s Consumer Confidence Index fell by -1.3% on the month in November, taking the measure down from 123.4 to 121.8.

Canadian Dollar
The Canadian Dollar was trading in a narrow range against the majority of its currency counterparts prior to the release of Canada’s New Housing Price Index. The measure is expected to post a month-on-month increase of 0.2% in September and a year-on-year gain of 1.7%. Positive figures could lend the ‘Loonie’ some support.
As of Monday, 17th November 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2562, GBP USD exchange rate was 1.5637, GBP AUD exchange rate was 1.7958, GBP NZD exchange rate was 1.9731, and GBP CAD exchange rate was 1.7666.
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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