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Fri 21 Feb 2020 08:42GMT

US Dollar Strengthens Before Yellen's Speech

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, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6644
The Pound began Thursday’s session holding steady against its main peers. While the currency may move in response to comments issued by Bank of England official David Miles later today, investors will also be looking ahead to tomorrow’s UK consumer confidence report.

US Dollar
USD/GBP – Trading in the Region of 0.6009
With Fed Chairman Janet Yellen due to address the senate later today the ‘Greenback’ recorded a modest advance against several of its major currency counterparts. US Dollar movement could also be triggered today by US durable goods figures and an initial jobless claims report for the world’s largest economy.

Euro
EUR/USD – Trading in the Region of 1.3659
The Euro began European trading in a softer position against the Pound and US Dollar. However, better-than-forecast unemployment data for Germany may support the common currency. Eurozone confidence and German inflation data will also have a notable impact.

Australian Dollar
AUD/USD – Trading in the Region of 0.8922
Less-than-impressive domestic data ensured that the ‘Aussie’s bearish trend continued overnight. Australia’s private capital expenditure fell by 5.2 per cent in the fourth quarter following a negatively revised gain of 2.6 per cent in the third quarter. Economists were expecting a 1.3 per cent decline.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8341
Encouraging trade balance figures for New Zealand increased the odds of the RBNZ issuing a rate increase in the near future and helped the ‘Kiwi’ advance on almost all of its major currency counterparts.

Canadian Dollar
CAD/USD – Trading in the Region of 0.8992
With the US Dollar edging higher ahead of Janet Yellen’s policy statement, the Canadian Dollar weakened against its neighbouring rival. The ‘Loonie’ was also softer against a bolstered Pound ahead of tomorrow’s Canadian growth figures.

Japanese Yen
USD/JPY – Trading in the Region of 102.2300
The Yen was steady against the US Dollar this morning, barely affected by the release of Japanese foreign bond buying data. The Yen may fall against the ‘Greenback’ later today if Janet Yellen expresses support for the continued tapering of stimulus.

South African Rand
USD/ZAR – Trading in the Region of 10.7460
After falling yesterday after South Africa’s Finance Minister lowered the nation’s growth forecasts the Rand was little-changed against its peers. Today’s South African PPI figures may inspire additional movement.
As of Thursday, 27th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2178, GBP USD exchange rate was 1.6691, GBP AUD exchange rate was 1.8628, GBP NZD exchange rate was 1.9956, GBP CAD exchange rate was 1.8568, GBP JPY exchange rate was 170.4447, and GBP ZAR exchange rate was 17.8657.
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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