Published: 20 Jan at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,
The Pound spent Tuesdayâ€™s trading session advancing on peers like the US Dollar and Euro. Bets that tomorrowâ€™s UK employment data will show a notable improvement in both unemployment and average earnings kept Sterling buoyed. If the data does impress, further Pound gains can be expected.
The International Monetary Fundâ€™s (IMF) decision to slash its global growth forecasts for 2015 and 2016 saw demand for safe-haven assets like the US Dollar increase. The â€˜Greenbackâ€™ was trading in a broadly stronger position even as the US NAHB Housing Market Index failed to record the improvement expected.
â€™s producer price index came in below expected levels in December and the report caused some slight Euro declines. The common currency extended and consolidated losses as the day continued in spite of the ZEW economic sentiment surveys for Germany and the Eurozone showing improvement. Speculation surrounding Thursdayâ€™s ECB announcement is likely to keep the Euro under pressure in the days ahead.
While the Roy Morgan ANZ Consumer Confidence data ticked higher, it was China
â€™s positive ecostats which helped the Australian Dollar advance during the local session. However, the â€˜Aussieâ€™ pared gains as economists pointed out that the pace of annual growth in China came in at a 24 year low in 2014.
Although the New Zealand Dollar initially gained off the back of Chinaâ€™s better-than-expected fourth quarter growth data, the commodity currency edged lower in response to global growth concerns. The â€˜Kiwiâ€™ held declines even as the latest Fonterra dairy auction showed an improvement in prices.
The Canadian Dollar plummeted against peers like the Pound and US Dollar on Tuesday as the price of oil fell in response to the IMFâ€™s revised growth forecasts. A concerning Canadian Manufacturing Shipments report also had an adverse impact on the â€˜Loonieâ€™. Tomorrowâ€™s Bank of Canada
interest decision could be responsible for additional CAD volatility.
As of Tuesday, 20th January 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.3117, GBP USD exchange rate was 1.5145, GBP AUD exchange rate was 1.8551, GBP NZD exchange rate was 1.9808, GBP CAD exchange rate was 1.8346, and GBP CNY exchange rate was 9.411.