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Thu 27 Feb 2020 01:47GMT

AUD, NZD Exchange Rates Gain on PBOC Stimulus, CAD Trending Higher

Published: 20 Apr at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Greece, India, Switzerland,

Pound Sterling
On Monday the UK’s Rightmove House Price report showed a 1.6% month-on-month increase in April, up from the 1.0% gain recorded the previous month. On the year, price growth eased from 5.4% to 4.7%, but the data had little impact on the Pound. Sterling managed to advance on the Euro following the release of Germany’s Producer Price Index and the Eurozone’s Construction Output report.


Euro
After the level of construction output in the Eurozone was shown to have fallen by -3.7% on the year in February rather than rising the 0.9% expected, the Euro declined against peers like the Pound and US Dollar. The ongoing negotiations between Greece and its creditors are likely to continue affecting the common currency’s performance this week.


US Dollar
Ahead of the release of the US Chicago Fed National Activity Index, the ‘Greenback’ was trading higher against the Pound, Euro, Swiss Franc and Indian Rupee. The US Dollar lost ground last week as disappointing US reports pushed back US interest rate hike expectations, but if this week’s ecostats support the case in favour of borrowing costs being raised in the summer, the ‘Buck’ could return to bullish form.


Australian Dollar
The introduction of stimulus measures from the People’s Bank of China (PBoC) drove the ‘Aussie’ higher over the weekend. The PBoC’s decision to take steps was due to the recent run of poor Chinese reports and as China is Australia’s largest trading partner, the development gave the Australian Dollar a boost.


New Zealand Dollar
A positive domestic Performance of Services Index, coupled with the PBoC stimulus, helped the New Zealand Dollar rally over the weekend. The ‘Kiwi’ gained even as New Zealand’s latest batch of inflation data fell short of the mark.


Canadian Dollar
The ‘Loonie’ was trending in a stronger position ahead of a speech to be given by Bank of Canada Governor Stephen Poloz thanks to an increase in oil prices. The Canadian Dollar was supported last week as the BOC left interest rates on hold and Canada published better0than-expected retail sales figures.
As of Monday, 20th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3877, GBP USD exchange rate was 1.4901, GBP AUD exchange rate was 1.9297, GBP NZD exchange rate was 1.9448, GBP CAD exchange rate was 1.8225, GBP CNY exchange rate was 9.2402, GBP INR exchange rate was 93.8389, and GBP CHF exchange rate was 1.4245.
Dominic Lee About Author: (396 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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