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. Sterlingâ€™s gains werenâ€™t hampered by the UKâ€™s less-than-impressive public finance data. Tomorrow Pound volatility could be triggered by the publication of minutes from the Bank of Englandâ€™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.
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
â€™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
â€™s rate decision looming, further Canadian Dollar movement can be expected as the week progresses.
Like the Australian Dollar, the New Zealand Dollar benefited from Chinaâ€™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 â€˜Kiwiâ€™ 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.