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Sun 26 Jun 2022 09:27GMT

Daily Currency Update: UK Retail Sales Boost Pound, US Dollar Trends Lower

Published: 26 Mar at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, France, Germany,

Pound Sterling
Prior to the release of the UK’s retail sales report, the Pound was trading in a stronger position against the US Dollar but holding declines against the Euro. As UK retail sales were shown to have surged by almost double the amount expected in February, the Pound could advance in the hours ahead.

The recent run of better-than-forecast US reports continued on Thursday as Germany’s GfK Consumer Confidence index revealed a greater improvement in sentiment than anticipated. French fourth quarter GDP printed at expected levels and the Euro held gains against several of its rivals as the European session progressed.

US Dollar
Wednesday’s poor US durable goods orders report and pared back expectations regarding an increase in US interest rates left the US Dollar trending in a broadly weaker position on Thursday. If today’s US Services/Composite PMI’s and initial/continuing jobless claims numbers supply further cause for concern, the ‘Greenback’ may tumble.

Australian Dollar
Although US data disappointed on Wednesday, profit taking initially saw the Australian Dollar slip from 78.78 to 78.39 during the local session. The ‘Aussie’ has since gained by 0.6% however and is trading in the region of 0.7877.

New Zealand Dollar
Disappointing domestic trade data saw the ‘Kiwi’ soften on Wednesday but the South Pacific asset was able to recoup 0.8% against a broadly struggling US Dollar and held gains against the Pound in spite of the UK’s impressive retail sales report.

Canadian Dollar
The news that Saudi Arabia launched air strikes on Yemen rebels pushed oil prices 6% higher and the surge in price of Canada’s main commodity drove the ‘Loonie’ upwards. With Bank of Canada Governor Stephen Poloz due to speak later today, further Canadian Dollar movement can be expected.
As of Thursday, 26th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3648, GBP USD exchange rate was 1.4856, GBP AUD exchange rate was 1.8969, GBP NZD exchange rate was 1.9577, and GBP CAD exchange rate was 1.8539.
Dominic Lee About Author: (474 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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