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Mon 13 Jul 2020 06:58GMT

US Dollar (USD) Exchange Rate Movement Depends on US Durable Goods Data

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,

Pound Sterling
Although Thursday’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 Euro’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.

US Dollar
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 ‘Greenback’ is likely to fluctuate further before the weekend as the US Durable Goods Orders report is released.

Australian Dollar
China’s less-than-impressive Manufacturing PMI took some of the wind out of the ‘Aussie’s sails before local markets closed for ANZAC Day. That being said, this week’s Australian inflation data continues to lend the South Pacific currency support against its New Zealand rival.

New Zealand Dollar
Before the weekend the ‘Kiwi’ 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.

Canadian Dollar
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 ‘Loonie’ 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.
Dominic Lee About Author: (421 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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