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,
Following the release of minutes from the Bank of Englandâ€™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.
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 Eurozoneâ€™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.
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 â€˜Greenbackâ€™ was accordingly trading in a weaker position against peers like the Pound ahead of the publication of todayâ€™s domestic mortgage applications and existing home sales numbers.
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.
Although economic reports for New Zealand were in short supply, the New Zealand Dollar was able to track the â€˜Aussieâ€™ higher and close out the local session trading in a stronger position against a number of currency counterparts. New Zealandâ€™s Net Migration, Consumer Confidence and Credit Card Spending figures could all have an impact on â€˜Kiwiâ€™ trading tomorrow.
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 â€˜Loonieâ€™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.