Published: 28 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Greece,
Ahead of the release of the UKâ€™s first quarter growth data, the Pound was trending strongly against the US Dollar and holding steady against the Euro. If the GDP report disappoints expectations, we could see Sterling give up some of its recent gains against its two main rivals.
Hints that Greece
may be ready to present its creditors with a list of reforms by the end of the week helped the common currency advance to around a three-week high against the US Dollar. The EUR/USD uptrend was aided by poor US data, and if todayâ€™s US Consumer Confidence report falls flat we may see the Euro extend gains against its North American peer.
On Monday the US Markit Services/Composite PMIs added to the recent run of less-than-impressive economic reports for the worldâ€™s largest economy and conspired to push the â€˜Greenbackâ€™ lower against several of its most-traded currency counterparts. Although todayâ€™s US Consumer Confidence gauge is expected to show improvement, thereâ€™s a chance it could follow the recent data trend and print below expected levels.
An uptick in the price of iron ore, a major Australian commodity, coupled with a lack of rate-related comments from Reserve Bank of Australia
(RBA) Governor Glenn Stevens helped the Australian Dollar strengthen over the course of the local session.
With ecostats for New Zealand lacking and the Australian Dollar rallying, the â€˜Kiwiâ€™ edged lower against the â€˜Aussieâ€™ during Australasian session. We can expect to see New Zealand Dollar movement later today when local trade balance numbers are issued.
After oil prices moved away from their recent highs, the Canadian Dollar gave up some of its recent gains. Given the lack of Canadian data scheduled for release today, commodity price shifts will continue to dictate the direction taken by the â€˜Loonieâ€™.
As of Tuesday, 28th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.3975, GBP USD exchange rate was 1.5338, GBP AUD exchange rate was 1.9126, GBP NZD exchange rate was 1.983, and GBP CAD exchange rate was 1.8452.