Published: 18 Nov at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,
After the UKâ€™s Consumer Price Index was shown to have advanced from 1.2% to 1.3% on the year in October, the Pound put on a mixed performance against the majority of its currency counterparts. While the pace of inflation moved closer to the Bank of Englandâ€™s 2% target, that fact that wage growth is no longer outstripping inflation was seen as Pound negative and the British currency fell against the Euro.
The US Dollar began Tuesday trending in a slightly softer position against peers like the Pound and Euro as investors dwelt on comments issued by Fed officials regarding the prospect of US inflation remaining lower for longer. â€˜Greenbackâ€™ fluctuations could occur later today following the release of the US Producer Price Index.
Following the publication of the ZEW economic confidence measures for the Eurozone and its largest economy, the Euro advanced on several of its main rivals. The improvement in sentiment far surpassed expectations and helped the common currency achieve a high of 0.8010.
With the Reserve Bank of Australia
â€™s policy meeting minutes stressing that the central bank intends to keep interest rates on hold for some time to come, the Australian Dollar was able to strengthen against the Pound and US Dollar. The â€˜Aussieâ€™ continued trending higher even as Australiaâ€™s Conference Board Leading Index was shown to have declined.
The New Zealand Dollar benefited from a free-trade agreement being reached between New Zealand and South Korea. During the South Pacific session the â€˜Kiwiâ€™ rallied against the US Dollar. With influential reports for New Zealand in short supply over the rest of the week â€˜Kiwiâ€™ movement will be dependent on global economic developments.
An increase in the price of crude oil helped the Canadian Dollar post modest gains yesterday. Further â€˜Loonieâ€™ movement is likely to occur on Friday following the release of Canada
â€™s Consumer Price Index.
As of Tuesday, 18th November 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.247, GBP USD exchange rate was 1.5628, GBP AUD exchange rate was 1.7945, GBP NZD exchange rate was 1.977, and GBP CAD exchange rate was 1.7693.