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Thu 16 Jul 2020 04:57GMT

GBP Little Changed After BoE Minutes, AUD Rocked By CPI

Published: 23 Apr at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6809
The Pound experienced modest movement following the release of minutes from the BoE’s latest policy meeting. The Bank of England asserted that the UK economy is strengthening, but Sterling pared gains against the Euro following the release of upbeat reports for the Eurozone.

US Dollar
USD/GBP – Trading in the Region of 0.5952
The US Dollar advanced on peers like the ‘Aussie’, ‘Kiwi’ and Pound ahead of the release of US Markit manufacturing PMI. If the report shows the improvement expected the ‘Greenback’ could consolidate and extend gains.

EUR/USD – Trading in the Region of 1.3839
Over the course of European trading the Euro rallied against the US Dollar thanks to unexpectedly strong manufacturing and services PMI data for Germany and the Eurozone. The common currency also gained on several of its other major peers.

Australian Dollar
AUD/USD – Trading in the Region of 0.9278
The ‘Aussie’ was left languishing after Australian inflation was shown to have accelerated by less than anticipated, lowering the odds of the Reserve Bank of Australia increasing interest rates. The Australian Dollar posted notable declines against both the US Dollar and Yen.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8585
Over the course of local trading the ‘Kiwi’ edged lower against the US Dollar. The commodity-driven currency also fluctuated against the Pound in spite of an upbeat domestic card spending report.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9062
Ahead of the release of Canadian retail sales data the ‘Loonie’ was in a softer position against the US Dollar. If today’s report shows that sales increased by 0.4 per cent in February, down from a gain of 1.3 per cent the previous month, the Canadian Dollar could fluctuate.

Japanese Yen
USD/JPY – Trading in the Region of 102.4700
With US data expected to impress today the Yen dropped to a two-week low against the ‘Greenback’. However, the Asian asset was able to strengthen against a struggling Australian Dollar.

South African Rand
USD/ZAR – Trading in the Region of 10.5340
Ahead of the release of South African inflation data the Rand was slightly softer against the US Dollar. Investors expect the emerging market asset to recover ground before the close of local trading.
As of Wednesday, 23rd April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2142, GBP USD exchange rate was 1.6779, GBP AUD exchange rate was 1.8065, GBP NZD exchange rate was 1.949, GBP CAD exchange rate was 1.8509, GBP JPY exchange rate was 171.9558, and GBP ZAR exchange rate was 17.7597.
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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