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Thu 16 Jul 2020 05:16GMT

Forex News Now: Pound Gains on UK Jobs Data, US Dollar Struggles before CPI

Published: 22 Apr at 9 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Greece,

Pound Sterling
With the UK adding considerably more jobs than forecast in the three months through February and the level of joblessness falling to a fresh low, the Pound was able to advance on a number of its rivals. Although UK election concerns continue to dampen demand for Sterling, the British currency was able to advance above 1.50 against the ‘Greenback’ during the European session.


Euro
The Euro clawed back losses on Friday as the Greek Finance Minister conceded that the Hellenic nation is prepared to compromise on its reforms in order to receive the financial aid it so desperately needs. As the comments were seen to reduce the odds of a ‘Grexit’, the common currency was able to benefit.


US Dollar
A week of sub-par US reports have taken a serious toll on US Dollar. The appeal of the ‘Greenback’ was reduced as investors pared back Federal Reserve interest rate hike expectations, and should today’s US inflation report also fall short, we could see the US Dollar fall further.


Australian Dollar
This week’s solid Australian employment report bolstered the ‘Aussie’ and the South Pacific asset consolidated gains thanks to the below-forecast US ecostats. The AUD/USD pairing was able to push back above the 0.78 cents level during the European session.


New Zealand Dollar
The strength of the ‘Aussie’ and the weakness of the ‘Greenback’ pushed the commodity-driven ‘Kiwi’ higher against a number of its most-traded currency counterparts as the week drew to a close. New Zealand’s inflation data is likely to spark ‘Kiwi’ movement next week.


Canadian Dollar
Ahead of the release of Canadian inflation figures, the ‘Loonie’ was trending in a softer position thanks to a reversal in oil prices. The Canadian Dollar had previously gained as oil prices achieved their strongest level in 2015. Should today’s Consumer Price Index show a deceleration in inflation, the increased odds of a rate cut from the Bank of Canada would weigh on ‘Loonie’ trading.
As of Wednesday, 22nd April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.4025, GBP USD exchange rate was 1.5035, GBP AUD exchange rate was 1.941, GBP NZD exchange rate was 1.9673, and GBP CAD exchange rate was 1.8409.
Laura Parsons About Author: (357 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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