Published: 27 Jan at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Greece, South Africa,
Sterling was struggling on Tuesday as the UK published below-forecast fourth quarter growth data. While there are still a couple of British reports to be aware of this week, in the days ahead GBP movement is more likely to be occasioned by global economic developments.
Ahead of the publication of highly influential US durable goods orders and consumer confidence data, the US Dollar was trading in a weaker position against several of its rivals. The â€˜Greenbackâ€™ came under pressure as blizzard conditions swept New York. However, if todayâ€™s US data impresses the â€˜Greenbackâ€™ could recover losses.
Bets that the new Greek coalition will be able to negotiate a deal regarding debt repayments and that the situation wonâ€™t result in a â€˜Grexitâ€™ gave the Euro a boost on Tuesday. Although economic reports for the Eurozone are in short supply today, thereâ€™s plenty to look forward to before the end of the week â€“ including CPI and employment figures for both the Eurozone and Germany
Declining commodity prices and the expectation that the Reserve Bank of Australia
may cut interest rates in the near future kept the Australian Dollar close to an over five-year low against the US Dollar and trending in the region of a one-month low against the Pound. However, the AUD/GBP pairing recouped losses after the UK published disappointing growth figures.
With the Reserve Bank of New Zealandâ€™s (RBNZ) policy statement fast approaching, the â€˜Kiwiâ€™ was trending in a softer position against the majority of its currency rivals. If the RBNZ is dovish or hints at future rate cuts, the â€˜Kiwiâ€™ could fall as the week continues.
Ahead of Fridayâ€™s Canadian growth data, movement in the â€˜Loonieâ€™ is being driven by global economic developments and commodity-price shifts. While the Canadian Dollar remains weaker against a number of its fellows thanks to a further dip in oil prices, the commodity-driven currency was able to edge up against the Pound.
As of Tuesday, 27th January 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.336, GBP USD exchange rate was 1.5188, GBP AUD exchange rate was 1.9175, GBP NZD exchange rate was 2.0377, GBP CAD exchange rate was 1.8828, and GBP ZAR exchange rate was 17.588.