Published: 17 Nov at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,
On Monday the Pound spent the European session trending in a weaker position against both the Euro and US Dollar. The British asset could exhibit additional softness as the week continues if the UK’s Consumer Price Index confirms that the pace of consumer price growth stagnated in October.
With the publication of minutes from the latest Federal Open Market Committee policy meeting coming up, the US Dollar was enjoying a bullish relationship with several of its most traded currency counterparts. The expectation that the Federal Reserve will increase interest rates before the Bank of England kept the USD/GBP exchange rate trending higher. If today’s US Manufacturing/Industrial Production figures print positively the US Dollar could push higher before the close of trade.
Although the Eurozone’s trade surplus was shown to have swelled in September, the Euro failed to strengthen in the hours following the report’s publication. The common currency was struggling against several of its main rivals as concerns that the Eurozone might be on the edge of recession weighed. Tomorrow’s ZEW economic sentiment surveys for Germany
and the Eurozone could have a considerable impact on the Euro exchange rate.
The ‘Aussie’ advanced during the Australasian session as the prospect of a free-trade agreement between China
increased the currency’s appeal. Australia’s New Motor Vehicle Sales report registered a -0.5% year-on-year decline following a monthly slide of -1.6%. AUD movement could occur later today following the publication of Australia’s Conference Board Leading Index.
Better-than-expected domestic retail sales data boosted the New Zealand Dollar against the majority of its currency counterparts on Monday. While the nation’s Performance of Services Index registered a modest decline, third quarter retail sales figures far surpassed expectations. Sales were believed to have increased by 0.8% in the third quarter following a revised increase of 1.1% in the second quarter. However, retail sales actually jumped by 1.5%.
Friday’s Canadian manufacturing shipments report impressed, giving the ‘Loonie’ a leg up against its rivals. The commodity-driven asset advanced on the majority of its peers and was trending in a narrow range against the Pound and US Dollar on Monday. Canadian data is in short supply until Thursday, when the nation publishes its Wholesale Sales stats.
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, GBP CAD exchange rate was 1.7666, and GBP CNY exchange rate was 9.5768.