Published: 24 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,
Although Thursdayâ€™s UK public spending data was fairly solid, the Pound softened against several of its peers thanks to an unforeseen slide in UK retail sales. Sterling was able to gain on a broadly weaker US Dollar, but held declines against the Euro after German IFO figures impressed.
With some investors betting that the Euroâ€™s recent slide was excessive and others responding positively to higher-than-expected German IFO Business Climate and Current Assessment numbers, the common currency was able to gain before the weekend. Both the EUR/GBP and EUR/USD exchange rates strengthened over the course of the European session.
The prospect of higher US borrowing costs was further dimmed on Thursday as the US manufacturing PMI, jobless claims and new home sales figures all provided cause for concern. The â€˜Greenbackâ€™ is likely to fluctuate further before the weekend as the US Durable Goods Orders report is released.
â€™s less-than-impressive Manufacturing PMI took some of the wind out of the â€˜Aussieâ€™s sails before local markets closed for ANZAC Day. That being said, this weekâ€™s Australian inflation data continues to lend the South Pacific currency support against its New Zealand
New Zealand Dollar
Before the weekend the â€˜Kiwiâ€™ consolidated declines against peers like the US Dollar and Pound. Demand for the New Zealand Dollar eased earlier this week as a Reserve Bank of New Zealand official intimated that an interest rate cut could be on the horizon.
Fluctuating crude oil prices drove demand for the Canadian Dollar in a week largely devoid of domestic data. In the hours ahead, the US Durable Goods Orders number could be responsible for any further â€˜Loonieâ€™ movement .
As of Friday, 24th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.3967, GBP USD exchange rate was 1.5189, GBP AUD exchange rate was 1.9416, GBP NZD exchange rate was 1.998, GBP CAD exchange rate was 1.8492, and GBP CNY exchange rate was 9.4072.