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FOMC Statement, UK Employment Figures to Spark Exchange Rate Movement, GBP, USD, EUR

Published: 18 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
The Pound was slightly softer against its major rivals ahead of the release of the UK’s employment figures and the Bank of England’s meeting minutes. Strong jobs data or a hawkish central bank could lend Sterling support and help it recover recent losses.

Encouraging ZEW economic sentiment surveys for the Eurozone and its largest economy, coupled with improved inflation data for the currency bloc, gave the Euro a leg up during the European session. In the hours ahead the Eurozone’s Construction Output and Trade Balance figures may be responsible for additional movement.

US Dollar
Yesterday’s mixed bag of US housing data had little impact on the ‘Greenback’. While housing starts fell by considerably more-than-expected, building permits rose by more than projected. If the Federal Open Market Committee positively adjusts its language with regard to interest rate increases today, the US Dollar could surge against its currency counterparts.

Australian Dollar
During Australasian trading, Westpac’s Leading Index was shown to have risen by 0.3% in February, month-on-month, following January’s 0.1% gain. However, the ‘Aussie’ continues to struggle following the publication of dovish meeting minutes from the Reserve Bank of Australia and is trading in a softer position against the Pound and US Dollar.

New Zealand Dollar
A steep slide in dairy prices at the latest auction pushed the New Zealand Dollar lower against several of its main rivals. Dairy produce is New Zealand’s main export so the dip in prices weighed heavily on the commodity driven currency. Later today domestic growth data may inspire further New Zealand Dollar movement.

Canadian Dollar
A steeper-than-expected slide in Canadian Manufacturing Shipments and fluctuating crude oil prices kept the ‘Loonie’ under pressure on Tuesday. Today’s Wholesale Sales report could inspire some movement, but investors will also be preoccupied with the FOMC policy announcement.
As of Wednesday, 18th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3791, GBP USD exchange rate was 1.496, GBP AUD exchange rate was 1.9236, GBP NZD exchange rate was 1.9942, and GBP CAD exchange rate was 1.8782.
Dominic Lee About Author: (473 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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