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Tue 27 Oct 2020 17:38GMT

Currency Movement Caused By UK GDP, Eurozone PMI And US FOMC

Published: 22 May at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6870
The Pound fell against the US Dollar for the first time in six days as the UK growth report met expectations and the nation posted a larger-than-forecast budget deficit. Sterling was also slightly weaker against the Euro.

US Dollar
USD/GBP – Trading in the Region of 0.5925
Dovish FOMC policy meeting minutes pushed the US Dollar a little lower against several of its counterparts. Today volatility in the 'Greenback' could be sparked by US initial jobless claims figures, manufacturing PMI and existing home sales.

EUR/USD – Trading in the Region of 1.3680
A mixed bag of PMI reports for the Eurozone and its largest economies saw the Euro fluctuate during European trading. The French manufacturing and services sectors contracted unexpectedly but Germany and the Eurozone as a whole enjoyed strong service sector growth,

Australian Dollar
AUD/USD – Trading in the Region of 0.9241
China's surprisingly upbeat manufacturing report boosted risk appetite during Australasian trading and helped the 'Aussie' recoup recent losses against its major currency counterparts. The Australian Dollar closed the local session in a stronger position against the 'Greenback' and Pound.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8559
With investors turning to higher-risk assets in the wake of China's manufacturing report, the New Zealand Dollar climbed. The 'Kiwi's performance was little affected by a domestic 2 year inflation expectation report.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9165
The 'Loonie' barely reacted to the Federal Open Market Committee meeting minutes, but the commodity-driven currency could experience significant movement later today as Canada's retail sales figures are published.

Japanese Yen
USD/JPY – Trading in the Region of 101.4900
With risk-appetite returning to the market thanks to China's manufacturing report, the safe-haven Yen softened against its major rivals.

South African Rand
USD/ZAR – Trading in the Region of 10.3875
The Rand was holding fairly steady ahead of the South African Reserve Bank rate decision. Given the increase in domestic inflation shown in yesterday's report, the odds of the central bank increasing interest rates have climbed.
As of Thursday, 22nd May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2352, GBP USD exchange rate was 1.6867, GBP AUD exchange rate was 1.8279, GBP NZD exchange rate was 1.9689, GBP CAD exchange rate was 1.8374, GBP CNY exchange rate was 10.5169, GBP JPY exchange rate was 171.6798, and GBP ZAR exchange rate was 17.4317.
Dominic Lee About Author: (438 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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