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Euro Pressured Before Inflation Figures

Published: 28 Feb 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, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6732
The Pound was broadly stronger on Friday as a gauge of UK consumer confidence came in at -7 in February, as expected, and separate reports showed that UK house prices rose by more-than-forecast last month. Sterling was also supported by comments issued by BoE policy maker Spencer Dale. Dale stated that any dissent within the BoE regarding the timeline for raising interest rates would be healthy and natural.

US Dollar
USD/GBP – Trading in the Region of 0.5975
Greenback gains occurred yesterday as investors turned to safe haven assets in the face of Ukrainian concerns and Fed Chairwoman Janet Yellen reasserted her commitment to continuing with the steady taper of stimulus. Today’s US growth data may inspire volatility.

Euro
EUR/USD – Trading in the Region of 1.3711
Although the Euro clawed back losses against its major rivals following the release of surprisingly strong German retail sales figures, Euro movement was a little limited before inflation data for the Eurozone was published.

Australian Dollar
AUD/USD – Trading in the Region of 0.8961
The ‘Aussie’ closed local trading in line to post five-day declines against several of its major currency counterparts. If Saturday’s manufacturing PMI for China disappoints expectations the Australian Dollar may edge lower still.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8411
Overnight the New Zealand Dollar fluctuated as domestic data showed a 8.3 per cent monthly decline in building permits but reasonable increases in measures of business confidence and activity outlook.

Canadian Dollar
CAD/USD – Trading in the Region of 0.8986
Ahead of the release of Canadian growth data the ‘Loonie’ was trading in a fairly narrow range. Today’s report is likely to trigger notable Canadian Dollar movement.

Japanese Yen
USD/JPY – Trading in the Region of 101.6800
With the tenuous situation in the Ukraine boosting demand for safe-haven assets, the Yen closed the local session in a stronger position against several of its most traded currency counterparts.

South African Rand
USD/ZAR – Trading in the Region of 10.7240
The Rand weakened slightly against several of its currency counterparts as investors focused on today’s South African trade data. Although the currency was boosted earlier this week by better-than-forecast SA growth figures, the Rand could pare its gains if the trade figures fall short of forecasts.
As of Friday, 28th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2132, GBP USD exchange rate was 1.6744, GBP AUD exchange rate was 1.8746, GBP NZD exchange rate was 1.9958, GBP CAD exchange rate was 1.8526, GBP CNY exchange rate was 10.289, GBP JPY exchange rate was 170.4405, and GBP ZAR exchange rate was 17.9867.
Laura Parsons About Author: (360 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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