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Mon 1 Jun 2020 10:15GMT

BoE Minutes, BOC Decision and US CPI May Inspire Exchange Rate Movement Tomorrow

Published: 21 Oct at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China,

Pound Sterling (GBP)
The Pound strengthened against the Euro by 0.4% on Tuesday as investors bet that the European Central Bank will introduce additional stimulus measures in the near future. Sterling’s gains weren’t hampered by the UK’s less-than-impressive public finance data. Tomorrow Pound volatility could be triggered by the publication of minutes from the Bank of England’s latest policy meeting. If the minutes show division among the Monetary Policy Committee on the subject of interest rate increases, the Pound could climb.

US Dollar (USD)
On Tuesday the US Dollar softened as investors negatively revised their Federal Reserve interest rate hike expectations. The safe-haven currency managed to recoup some of its losses as the day progressed and the US published better-than-anticipated US existing home sales stats.

Euro (EUR)
With investors betting that the European Central Bank will have little choice but to introduce additional stimulus to stop the Eurozone sliding into a triple-dip recession, the Euro recorded widespread declines on Tuesday. With economic reports for the currency bloc lacking until Thursday, further common currency movement will be the result of global economic developments.

Australian Dollar (AUD)
Although the Reserve Bank of Australia published pessimistic minutes from its latest policy meeting, the Australian Dollar was supported by China’s above-forecast GDP and Industrial Production data. The commodity-driven South Pacific currency advanced on almost all of its most traded currency counterparts.

Canadian Dollar (CAD)
In a quiet news day the GBP/CAD exchange rate softened by over 0.8%. With the Bank of Canada’s rate decision looming, further Canadian Dollar movement can be expected as the week progresses.

New Zealand Dollar (NZD)
Like the Australian Dollar, the New Zealand Dollar benefited from China’s impressive industrial production data and was trading in a stronger position during the local session. A month-on-month gain in New Zealand card spending also supported the ‘Kiwi’ against peers like the Euro and Pound.
As of Tuesday, 21st October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2675, GBP USD exchange rate was 1.6111, GBP AUD exchange rate was 1.8381, GBP NZD exchange rate was 2.0242, GBP CAD exchange rate was 1.8089, and GBP CNY exchange rate was 9.8615.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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