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Sun 27 Sep 2020 11:18GMT

AUD Dips After China PMI, EUR Fluctuates, GBP Weakens

Published: 24 Mar at 10 AM 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 1.6486
The diverging fiscal policy being adopted by the Bank of England and US Federal Reserve pushed the Pound lower against its US counterpart. Sterling also weakened against the Euro as Eurozone PMI data was published. A lack of UK news could limit further Pound movement today.

US Dollar
USD/GBP – Trading in the Region of 0.6066
Renewed concerns regarding the situation in Ukraine saw safe-haven currencies like the ‘Buck’ gain. The US Dollar may extend gains if today’s US PMI produces a stronger-than-forecast reading for March.

Euro
EUR/USD – Trading in the Region of 1.3795
During the European session Markit services/manufacturing PMI data for the Eurozone and its largest economies was published. While the German figures fell short of forecasts, the French data surpassed expectations. The Euro fluctuated in the aftermath of the release of the reports but remained stronger against the Pound.

Australian Dollar
AUD/USD – Trading in the Region of 0.9107
As a Chinese manufacturing gauge showed a fifth month of contraction in the sector the ‘Aussie’ floundered against its rivals and dipped against counterparts like the US Dollar. Australian Dollar losses were limited however as the International Monetary Fund commented on the improvement in the Global economy.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8535
While the ‘Kiwi’ fluctuated following the release of China’s manufacturing PMI, the South Pacific currency closed local trading little changed against its major peers. New Zealand Dollar movement may be limited before Wednesday’s domestic trade balance figures.

Canadian Dollar
CAD/USD – Trading in the Region of 0.8896
On Friday Canada’s surprisingly upbeat retail sales report helped the ‘Loonie’ strengthen. The commodity-driven currency largely held on to gains over the weekend and may trade in a fairly narrow range today.

Japanese Yen
USD/JPY – Trading in the Region of 102.5400
The Yen lost ground against its currency counterparts as comments issued by the International Monetary Fund stoked risk appetite. The expectation that the Bank of Japan will introduce additional stimulus when it meets next week also kept the Yen under pressure.

South African Rand
USD/ZAR – Trading in the Region of 10.8450
South Africa’s Rand began the local session holding steady against its peers as investors focused on Thursday and the Reserve Bank interest rate announcement.
As of Monday, 24th March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1923, GBP USD exchange rate was 1.6498, GBP AUD exchange rate was 1.8073, GBP NZD exchange rate was 1.9305, GBP CAD exchange rate was 1.8475, GBP CNY exchange rate was 10.2216, GBP JPY exchange rate was 168.646, and GBP ZAR exchange rate was 17.8669.
Dominic Lee About Author: (431 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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