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Mon 1 Jun 2020 10:05GMT

FX News Now - Pound Holds Declines, Euro Supported by Data, US Dollar Benefits from Inflation

Published: 25 Mar at 9 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
The Pound’s disastrous week failed to get any better on Wednesday, with the British asset left trading in the region of 1.35 against the Euro following the release of encouraging German news. Sterling was also caught in a bearish relationship with the US Dollar following Tuesday’s below-forecast UK inflation data.

Tuesday’s stronger-than-expected Manufacturing and Services PMI’s for Germany and the Eurozone lent the Euro support and the good news kept coming on Wednesday. The Euro extended its advance against the Pound after Germany’s IFO Business Climate, Current Assessment and Expectations indexes all showed improvement.

US Dollar
The ‘Greenback’ advanced on almost all of its most traded rivals after the pace of US Consumer Price gains increased unexpectedly. A sturdy Manufacturing PMI print also kept the US Dollar buoyant and further gains could be on the cards today if US Durable Goods Orders are shown to have increased on the month.

Australian Dollar
China’s below-forecast manufacturing data undermined demand for the ‘Aussie’ earlier in the week, but the South Pacific currency went on to rally to a two-month high against its US peer despite better-than-expected US data. Australia’s Skilled Vacancies report showed a 0.2% increase in February, month-on-month.

New Zealand Dollar
The New Zealand Dollar closed out the local session trading in a broadly softer position as a result of data showing that New Zealand’s trade surplus was markedly smaller-than-anticipated in February. With further ecostats for the nation in short supply over the rest of the week, ‘Kiwi’ movement will be the result of global economic developments and commodity price shifts.

Canadian Dollar
Canadian data might be lacking this week but that hasn’t stopped the ‘Loonie’ fluctuating. The Canadian Dollar benefited from a report insinuating that oil prices could return to 70 Dollars a barrel in the months ahead and consolidated gains against the Pound following the publication of the UK’s sub-par inflation figures.
As of Wednesday, 25th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3571, GBP USD exchange rate was 1.4876, GBP AUD exchange rate was 1.9001, GBP NZD exchange rate was 1.9613, GBP CAD exchange rate was 1.8636, and GBP CNY exchange rate was 9.241.
Laura Parsons About Author: (357 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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