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Wed 3 Jun 2020 06:37GMT

GBP/EUR Gains, US Dollar Broadly Stronger, Canadian Dollar Pares Gains

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

Pound Sterling
David Cameron’s victory in the televised head-to-head between the leaders of the Conservative and Labour parties lent the Pound support on Friday, as did Thursday’s impressive UK retail sales report. The Pound approached the 1.37 level against the Euro but remained trading in a weaker position against a bullish US Dollar.

Euro
Concerns that Greece has yet to reach an agreement with its creditors, coupled with the German Finance Minister highlighting the risks attached to the European Central Bank’s quantitative easing scheme, dragged the Euro lower at the close of the week. The common currency posted declines against both the Pound and US Dollar during the European session.

US Dollar
The US Dollar surged against several of its peers on Thursday as a measure of the US services sector showed a stronger-than-expected pace of growth and a Fed official intimated that fiscal policy normalisation should begin occurring now. Today’s fourth quarter US growth data could see the ‘Greenback’ extend its advance.

Australian Dollar
A sharp drop off in the price of Australia’s main commodity (iron ore) coupled with Chinese growth concerns and a general risk-off environment saw the Australian Dollar slide during South Pacific trading. The ‘Aussie’ fell by 0.5% against the US Dollar and 0.2% against the Pound.

New Zealand Dollar
Although the New Zealand Dollar gained on its Australian counterpart, the commodity-driven currency faltered against the Pound and US Dollar. Next week there are several reports with the potential to spark ‘Kiwi’ movement, including China’s Manufacturing and Non-Manufacturing PMIs.

Canadian Dollar
After surging in response to an uptick in crude oil prices and comments from the Governor of the Bank of Canada, the ‘Loonie’ pared gains before the weekend. Following a 6% climb, oil prices fell by $1 a barrel as supply concerns eased.
As of Friday, 27th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3657, GBP USD exchange rate was 1.4874, GBP AUD exchange rate was 1.9184, GBP NZD exchange rate was 1.9658, GBP CAD exchange rate was 1.8755, and GBP CNY exchange rate was 9.2439.
Laura Parsons About Author: (357 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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