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US Dollar (USD) Rises as Trump Ends Exemptions to Sanctions on Iranian Oil Importers

Published: 23 Apr at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, India, Italy,

Pound Sterling (GBP)

The Pound (GBP) edged higher against many of its competitors – with the exception of the US Dollar – today as MPs head back to Westminster following the Easter holidays to engage with Brexit developments.

With no notable UK economic data being released today, many Sterling traders focused instead on MPs calling for Prime Minister Theresa May’s resignation.

However, with these calls generally ignored by Mrs May, and cross-party talks due to take place, Brexit developments have been in the foreground.

US Dollar (USD)

The US Dollar has benefited from US President Donald Trump’s calling to end exceptions on sanctions for countries buying oil from Iran, which will affect major countries like China, India and South Korea.

This has benefited the ‘Greenback’ today, with publication of the US home sales figures also pushing the US Dollar higher against its competitors.

US new home sales for March came in at an encouraging 0.692M, exceeding forecasts.

Euro (EUR)

The Euro (EUR) failed to benefit from poor Eurozone consumer confidence figures for April today, which fell to -7.9.

Italy’s struggling economy is also continuing to prove a drag on the single currency, with many analysts commenting that their apparently ongoing recession could cause a bigger problem for the Eurozone than the UK’s Brexit.

Australian Dollar (AUD)

The Australian Dollar (AUD) has failed to maintain yesterday’s gains following the strengthening of iron and crude oil prices.

US-China trade talks are also dragging on longer than expected, and with diminishing prospects of a trade deal emerging between the two superpowers, this is proving negative for the ‘Aussie’.

New Zealand Dollar (NZD)

The New Zealand Dollar (NZD) has also been affected by ongoing US-China trade uncertainty today, and has also struggled to make any gains against the Sterling.

Today also saw the printing of the NZ credit card spending figures for March, which slipped below expectation to 5.1%. Although this left the ‘Kiwi’ little moved following the data draught of the Easter holidays.

Canadian Dollar (CAD)

Today saw the Canadian Dollar slip to a 4-week low as traders await the Bank of Canada’s rate decision tomorrow, which is expected to hold steady at 1.75%.

Many ‘Loonie’ traders are feeling anxious as this leaves the next hike for 2020 in a precarious position, and, as a result, has dampened market confidence in the Canadian currency.

As of Tuesday, 23rd April 2019, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1526, GBP USD exchange rate was 1.2935, GBP AUD exchange rate was 1.8226, GBP NZD exchange rate was 1.9442, GBP CAD exchange rate was 1.7372, GBP CNY exchange rate was 8.6999, and GBP INR exchange rate was 90.2404.
Dominic Lee About Author: (474 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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