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Thu 16 Jul 2020 03:59GMT

CAD, USD Softer, GBP, AUD Gain - FX News Now

Published: 22 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada,

Pound Sterling
Following the release of minutes from the Bank of England’s latest policy gathering, the Pound pushed above 1.50 against the US Dollar and was trading beyond the 1.39 level against the Euro. The BoE was fairly optimistic on the subject of the Eurozone, and as the UK has strong trade links with the region this was taken to be Pound-supportive.


Euro
The common currency gained on a broadly-softening US Dollar and was trading in a narrow range against the Pound ahead of the release of the Eurozone’s Consumer Confidence data. The sentiment index is expected to have risen from -3.7 to -2.5 in April, and if that proves to be the case the Euro could rally.


US Dollar
With the odds of the Federal Reserve leaving interest rates on hold until later in the year increased by a run of lacklustre US reports, demand for the US Dollar has eased. The ‘Greenback’ was accordingly trading in a weaker position against peers like the Pound ahead of the publication of today’s domestic mortgage applications and existing home sales numbers.


Australian Dollar
Earlier this week the Australian Dollar posted broad-based declines as investors responded to dovish commentary from the Reserve Bank of Australia. However, as Aussie inflation figures for the first quarter were shown to match or beat estimates, the South Pacific currency rallied overnight.



New Zealand Dollar
Although economic reports for New Zealand were in short supply, the New Zealand Dollar was able to track the ‘Aussie’ higher and close out the local session trading in a stronger position against a number of currency counterparts. New Zealand’s Net Migration, Consumer Confidence and Credit Card Spending figures could all have an impact on ‘Kiwi’ trading tomorrow.



Canadian Dollar
With domestic data showing an unexpected -0.4% decline in Wholesale Sales (when an increase of 0.5% had been expected) the Canadian Dollar softened against a number of its peers. An easing in Middle Eastern conflicts also reduced oil prices and contributed to the ‘Loonie’s losses.
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.
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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