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Tue 27 Oct 2020 17:55GMT

Currency News: GBP/EUR Weaker After Carney Comments

Published: 19 May at 3 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6832
The Pound edged lower against the Euro on Monday as investors considered Bank of England Governor Mark Carney’s comments regarding the economic risk posed by rising house prices. Sterling was little-changed against several of its other major currency counterparts.

US Dollar
USD/GBP – Trading in the Region of 0.5939
The US Dollar softened on Friday after the University of Michigan confidence index unexpectedly declined. A bout of risk aversion did support the ‘Greenback’ on Monday but the currency continued to languish close to a three-month low against the Yen.

EUR/USD – Trading in the Region of 1.3716
Although European Central Bank stimulus speculation piled pressure on the Euro, the currency was able to creep higher against the Pound. However, gains were limited by the news that construction output in the Eurozone declined in March. Output fell by 0.6 per cent month-on-month, wiping out February’s 0.4 per cent gain.

Australian Dollar
AUD/USD – Trading in the Region of 0.9356
A risk-off environment and a lack of influential economic data for Australia left the South Pacific currency in a weaker position at the close of local trading. Tomorrow’s Australian conference board leading index and the publication of minutes from the Reserve Bank of Australia’s latest policy meeting could influence the Australian Dollar’s exchange rate.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8636
The ‘Kiwi’ was slightly stronger against peers like the Pound and US Dollar after New Zealand’s performance services index advanced from a positively revised 58.5 to 58.9. New Zealand’s producer price inputs also advanced by 1.0 per cent in the first quarter of the year rather than the 0.4 per cent expected.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9208
Fluctuating commodity prices caused some movement in the Canadian Dollar on Monday, but the ‘Loonie’ is still clinging to last week’s gains. The Canadian Dollar strengthened against almost all of its counterparts on Thursday following surprisingly strong manufacturing shipments and home sales data.

Japanese Yen
USD/JPY – Trading in the Region of 101.1100
With the violent clashes in Ukraine and Vietnam pushing investors away from higher-risk assets, the Yen was able to advance on peers like the Pound. The Yen achieved a three-month high against the US Dollar.

South African Rand
USD/ZAR – Trading in the Region of 10.3936
A comparatively quiet local trading session left the Rand slightly softer against the US Dollar. With investors betting that the South African Reserve Bank won’t increase interest rates at its next meeting, the Rand could be in for a volatile week.
As of Monday, 19th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2265, GBP USD exchange rate was 1.6813, GBP AUD exchange rate was 1.8022, GBP NZD exchange rate was 1.9476, GBP CAD exchange rate was 1.828, GBP JPY exchange rate was 170.6405, and GBP ZAR exchange rate was 17.4191.
Dominic Lee About Author: (438 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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