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Mon 30 Nov 2020 21:14GMT

FX News: Pound Stronger before GDP Data, Euro Fluctuates

Published: 26 Jan at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling
Ahead of the publication of the UK’s fourth quarter growth data, the Pound was trending in a stronger position against the US Dollar and Australian Dollar. The British currency lost a little ground against the Euro as ‘Grexit’ concerns eased. If tomorrow’s report shows that the British economy expanded by more than expected in the fourth quarter, the Pound could gain.

US Dollar
A risk-off environment (triggered by the Syriza election victory and falling oil prices) helped the US Dollar advance on the majority of its most traded currency counterparts. While today’s US report is of low-impact, Tuesday’s Durable Goods Orders figures could spark intensive volatility.

Euro
An election victory for anti-austerity party Syriza initially saw the Euro soften against its currency counterparts. However, as fears that the election outcome could end in a ‘Grexit’ eased, the Euro recovered ground. The common currency was also supported by upbeat reports from Germany.

Australian Dollar
With Australian markets closed for a national holiday, ‘Aussie’ movement was fairly limited. That being said, the commodity-driven currency continued trending lower against the Pound and US Dollar amid bets that the Reserve Bank of Australia could be the next major central bank to cut interest rates.

New Zealand Dollar
New Zealand published a mixed bag of domestic data over the weekend, with the nation’s Performance of Services Index showing improvement and Credit Card Spending figures declining. The ‘Kiwi’ fluctuated accordingly, and with the Reserve Bank of New Zealand interest rate decision looming further movement can be expected.

Canadian Dollar
A six-year low oil price left the ‘Loonie’ struggling against the majority of its currency counterparts. Canadian data is lacking today, but global economic developments could have an impact on the asset.
As of Monday, 26th January 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.341, GBP USD exchange rate was 1.5085, GBP AUD exchange rate was 1.9045, GBP NZD exchange rate was 2.0284, and GBP CAD exchange rate was 1.8826.
Laura Parsons About Author: (359 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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