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Exchange Rate News: UK Inflation Data To Drive Pound Movement

Published: 18 Feb at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6685
The Pound was trading close to a four-year high against its US rival ahead of the release of UK inflation figures. In December inflation finally fell to the Bank of England’s 2 per cent target and economists forecast that the UK consumer price index would rise by an annual 2 per cent in January as well.

US Dollar
USD/GBP – Trading in the Region of 0.5993
With local markets closed yesterday ‘Greenback’ movement was limited. Today’s US housing data and Federal Reserve board meeting could cause movement, but investors will also be looking ahead to tomorrow and the publication of minutes from the Federal Reserve’s latest meeting.

EUR/USD – Trading in the Region of 1.3710
In the hours ahead the Euro could experience movement as a result of ZEW economic sentiment surveys for Germany and the Eurozone. The German measure is forecast to have declined modestly in February but an unexpected result may trigger Euro volatility.

Australian Dollar
AUD/USD – Trading in the Region of 0.9033
During Australasian trading the ‘Aussie’ strengthened against its peers as investors digested the contents of minutes from the latest RBA policy meeting. The Australian Dollar pared gains before the European session got underway.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8319
New Zealand Dollar movement was restrained overnight but the commodity-driven currency did soften against its Australian peer as the RBA minutes refrained from explicitly talking down the ‘Aussie’. New Zealand’s consumer confidence index may inspire ‘Kiwi’ movement tomorrow.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9121
With US markets closed for a national holiday, currency movement was limited yesterday. The ‘Loonie’ could be in for a more volatile trading session today as Canadian existing home sales figures are published.

Japanese Yen
USD/JPY – Trading in the Region of 102.4200
The Yen fell to a one-month low against the US Dollar in response to the Bank of Japan’s decision to increase lending programmes. The BOJ also reasserted its commitment to maintaining at least the current level of easing until deflation is tackled.

South African Rand
USD/ZAR – Trading in the Region of 10.8733
The Rand weakened along with other emerging market assets as China withdrew funds from its banking system. The South African currency was also feeling the pressure ahead of the release of domestic inflation figures, due out tomorrow.
As of Tuesday, 18th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2124, GBP USD exchange rate was 1.6684, GBP AUD exchange rate was 1.85, GBP NZD exchange rate was 2.0105, GBP CAD exchange rate was 1.8274, GBP CNY exchange rate was 10.1226, GBP JPY exchange rate was 170.7235, and GBP ZAR exchange rate was 18.1405.
Dominic Lee About Author: (474 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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