Published: 27 Mar at 4 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,
Pound Sterling (GBP)
Although it saw widespread gains at the start of the previous week, the Pound has since fallen in value against the Euro and US Dollar, along with the rest of its currency peers.
This poor performance comes as the US Dollar strengthens because of trading developments; this has made the Pound a less desirable currency as a result.
Sterling has also been devalued by a report that shows that UK businesses are concerned about being able to source EU workers after Brexit.
The Pound may make a brief recovery against peers on Wednesday morning, if national trading data shows accelerating activity as forecast.
The Euro has made a small rise against the Pound today, but has conversely dropped by -0.5% against the US Dollar.
This mixed performance follows the news that a range of confidence measures across the Eurozone have declined, indicating lower levels of economic optimism about the single currency bloc.
The Euro may be able to appreciate on Wednesday if the German GfK consumer confidence reading shows unexpected growth for the April outlook.
US Dollar (USD)
The US Dollar has risen across the board today, thanks to speculation that there are lower odds of a US-China
The two global superpowers butted heads last week over trade tariffs, but have since made efforts towards de-escalating the situation with a trading compromise.
There may be a sudden decline in the US Dollar’s value on Wednesday afternoon, as US GDP growth rate stats are tipped to show slowing activity in Q4 2017.
Australian Dollar (AUD)
With the stronger US Dollar pushing it down, the Australian Dollar has fallen against all peers bar the weaker Pound today.
There has been little direct Australian data to refer to recently, so the AUD has instead been shifted by speculation about a US-China trade war and how it could impact Australia
The next AU data will be out on 3rd April, consisting of the Reserve Bank of Australia (RBA) interest rate decision for March.
The Australian central bank isn’t expected to adjust interest rates from 1.5% and could devalue the AUD with a cautious outlook.
With the US Dollar on the rise and risk-sentiment falling, the New Zealand Dollar has posted losses against all bar the Pound and Euro today.
The NZD recently appreciated thanks to the appointment of an optimistic new Reserve Bank of New Zealand (RBNZ) Governor, Adrian Orr.
Despite Mr Orr’s positive outlook, however, the New Zealand Dollar has since dropped back against its regular peers due to the reduced appeal of commodity currencies like the NZD.
The New Zealand Dollar may appreciate when if Wednesday’s business confidence index and building permits readings both show growth in February.
Canadian Dollar (CAD)
Apart from a -0.4% drop against the US Dollar, the Canadian Dollar has otherwise risen in value against the Pound, Euro and other peers.
This advance follows the news that Canadian borders have been strengthened against a possible flood of ‘dumped’ steel, in the wake of US tariff plans.
has obtained a provisional exemption against the charges for exporting to the US, while this latest measure suggests that the country is braced for any major marketplace shifts.
The week’s only major Canadian data will be a GDP growth rate reading out on 29th March, which may not influence the CAD as it is predicted to reprint at 0.1%.
As of Tuesday, 27th March 2018, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1416, GBP USD exchange rate was 1.4165, GBP AUD exchange rate was 1.8441, GBP NZD exchange rate was 1.9494, GBP CAD exchange rate was 1.8244, and GBP CNY exchange rate was 8.8994.