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Canadian Dollar (CAD) Stronger, US Dollar (USD) Buoyed by Rate Hike Bets

Published: 27 Feb at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Greece,

Pound Sterling
Earlier this week the Pound achieved an eight-week high against the US Dollar and a seven-year high against the Euro. The British currency pared some of these gains towards the close of the week as the UK’s GfK Consumer Confidence index printed at 1 instead of 2, as anticipated.

US Dollar
Bullish comments from a high-profile Fed official on the subject of US interest rates and positive domestic Durable Goods Orders data gave the US Dollar a boost on Thursday. Further ‘Greenback’ fluctuations could be inspired by fourth quarter growth figures, US Pending Home Sales data and the University of Michigan Consumer Confidence Index.

The Euro remains under pressure against the majority of its currency counterparts as the Greek debt deal is scrutinised by the German government. Today’s German inflation figures could spark volatility in the common currency before the close of trading.

Australian Dollar
As yesterday’s US reports increased the odds of the Federal Reserve raising interest rates in the near future, demand for higher-risk currencies like the Australian Dollar declined. However, ‘Aussie’ losses were limited as Australia’s Private Sector Credit figures exceeded forecasts.

New Zealand Dollar
The ‘Kiwi’ failed to post notable gains following the publication of positive domestic Business Confidence and Activity Outlook data as Federal Reserve interest rate hike expectations kept the commodity-driven currency under pressure.

Canadian Dollar
As the odds of the Bank of Canada issuing another interest rate cut have fallen considerably since BOC Governor Stephen Poloz spoke earlier in the week and Canada published better-than-projected domestic inflation figures, the ‘Loonie’ could end the week in a stronger position.
As of Friday, 27th February 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3788, GBP USD exchange rate was 1.5438, GBP AUD exchange rate was 1.9757, GBP NZD exchange rate was 2.0395, and GBP CAD exchange rate was 1.9315.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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