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GBP/EUR Holds Steady, US Dollar Recovers Ground before Services PMI

Published: 27 Apr at 9 AM Tags: Euro, Dollar, Pound Sterling, America, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Greece,

Pound Sterling
Prior to the release of CBI Business Optimism and Trends Selling Price reports, the Pound lost 0.3% against the US Dollar but was trading in a narrow range against the Euro. While today’s ecostats are unlikely to trigger much Sterling movement, the week’s first quarter growth data will be of particular interest.

Although Germany’s Import Price Index showed stronger-than-expected price growth in March on a month-on-month basis, Euro gains were limited in light of the ongoing negotiations between Greece and its creditors. The situation appears to be growing ever more tenuous, with the Greek Finance Minister coming under criticism for his actions since taking the post three months ago.

US Dollar
Today’s US Markit Services and Composite PMIs could be responsible for additional US Dollar losses in the hours ahead. Economists have predicted that the services measure softened from 59.2 to 58.8 in April, a result which would support the case in favour of the Federal Reserve keeping interest rates on hold. If the data prints as forecast, the ‘Greenback’ may decline.

Australian Dollar
China’s Industrial Profits report showed an improved annual figure of -0.4% in March (as opposed to the -8.0% year-on-year number recorded in February) but the data did little to boost the ‘Aussie’ ahead of a speech to be given by Reserve Bank of Australia Governor Glenn Stevens. Stevens is likely to mention the path interest rates will take in the next couple of months and any hints of a cut would be ‘Aussie’ negative.

New Zealand Dollar
‘Kiwi’ movement was a little limited on Monday, although the commodity-driven currency has managed to recoup some of the losses sustained in the wake of last week’s dovish comments from the Reserve Bank of New Zealand. Domestic trade figures, scheduled for publication tomorrow, are likely to impact New Zealand Dollar trading.

Canadian Dollar
While Canadian data is in short supply today, the ‘Loonie’ may experience volatility in the second half of the week as domestic growth and manufacturing numbers are published. Fluctuations in oil prices are also likely to have an impact on the asset.
As of Monday, 27th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.4, GBP USD exchange rate was 1.5226, GBP AUD exchange rate was 1.9388, GBP NZD exchange rate was 1.9933, GBP CAD exchange rate was 1.8415, and GBP CNY exchange rate was 9.4691.
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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