Pound Sterling
As the day’s only major UK report – fourth quarter growth figures – printed in line with forecasts, the Pound experienced minimal movement during the European session. The British asset remained trading close to an eight-week high against the US Dollar and a seven-year high against the Euro.

US Dollar
The US Dollar was trading in a narrow range ahead of the release of the US Consumer Price Index. An annual inflation figure of -0.1% has been projected, and as a lower number could encourage the Federal Reserve to reconsider its timeline for increasing interest rates, notable ‘Greenback’ fluctuations could occur later today.

Euro
A mixed bag of economic reports for the Eurozone and its largest economy left the common currency little changed against its major peers. Germany’s consumer confidence and unemployment numbers impressed, but several measures of sentiment and the business climate for the currency bloc as a whole failed to hit forecast levels. Greek concerns also weighed on the Euro.

Australian Dollar
A fairly quiet week for Australian data has left the ‘Aussie’ fluctuating as a result of global economic developments. During the local session an increase in gold prices gave the Australian Dollar a modest boost. The South Pacific currency was already trending higher as a result of China’s better-than-expected manufacturing PMI.

New Zealand Dollar
The news that New Zealand’s trade deficit returned to a surplus in January lent the ‘Kiwi’ support. The New Zealand Dollar could close out the week in a stronger position against the US Dollar and Pound if today’s domestic building permits and business confidence data exceeds expectations.

Canadian Dollar
The news that the price of crude oil climbed back above 50 Dollars a barrel bolstered demand for the ‘Loonie’ prior to the publication of Canada’s Consumer Price Index. The commodity-driven currency also retained some of the gains recorded in response to comments issued by Bank of Canada Governor Stephen Poloz.