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,
The Poundâ€™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 Tuesdayâ€™s below-forecast UK inflation data.
Tuesdayâ€™s stronger-than-expected Manufacturing and Services PMIâ€™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 Germanyâ€™s IFO Business Climate, Current Assessment and Expectations indexes all showed improvement.
The â€˜Greenbackâ€™ 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.
â€™s below-forecast manufacturing data undermined demand for the â€˜Aussieâ€™ 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
â€™s Skilled Vacancies report showed a 0.2% increase in February, month-on-month.
The New Zealand Dollar closed out the local session trading in a broadly softer position as a result of data showing that New Zealandâ€™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, â€˜Kiwiâ€™ movement will be the result of global economic developments and commodity price shifts.
Canadian data might be lacking this week but that hasnâ€™t stopped the â€˜Loonieâ€™ 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 UKâ€™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.