Published: 23 Feb at 12 PM Tags: Euro, Dollar, Pound Sterling, America, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Greece,
The Pound continued trending in a stronger position against the Euro on Monday in spite of the release of a far worse-than-anticipated Reported Sales figure from the Confederation of British Industry. The gauge had been expected to dip from 39 to 35 in February, but it actually slid to 1. The Pound held previous declines against the US Dollar following the report’s release.
Last week’s better-than-expected US Markit Manufacturing PMI figure gave the US Dollar a boost. The ‘Greenback’ was also trading higher against a number of peers as a result of reduced risk appetite. Grexit fears may have eased, but the ongoing Greek debt negotiations continue to take a toll on market sentiment.
Fears regarding the Eurogroup’s reaction to the Greek bailout proposal kept the Euro under pressure on Monday. The common currency also edged lower against a number of its peers as a result of Germany
’s below-forecast IFO indexes. If tomorrow’s German data also disappoints, the Euro may well extend declines.
The ‘Aussie’ fluctuated during the local session as risk sentiment first rose, then fell as a result of speculation surrounding the ongoing Greek debt negotiations. While today’s ANZ Roy Morgan Weekly Consumer Confidence measure is unlikely to have much of an impact on Australian Dollar trading, Wednesday’s run of domestic and Chinese reports are likely to prove influential.
An impressive Credit Card Spending report for New Zealand gave the ‘Kiwi’ a boost overnight. Card spending was shown to have increased by 1.9% on the month and 6.2% on the year in January and the New Zealand Dollar accordingly climbed by 0.3% against the Pound and 0.6% against the Euro.
Friday’s concerning Canadian retail sales report ensured that the commodity-driven ‘Loonie’ entered the weekend on the back foot. Commodity prices are likely to be the main driver of Canadian Dollar movement in the week ahead, although investors will also be focusing on Thursday and the publication of Canadian inflation data. Another slide in consumer prices could prompt the Bank of Canada
to cut interest rates further in the near future.
As of Monday, 23rd February 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.3635, GBP USD exchange rate was 1.5452, GBP AUD exchange rate was 1.9814, GBP NZD exchange rate was 2.0519, GBP CAD exchange rate was 1.9431, and GBP CNY exchange rate was 9.6653.