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Sun 26 Jun 2022 08:32GMT

US Dollar Weakened by Declining Durable Orders, EUR Steady before CPI Data

Published: 28 Oct at 4 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling
The Pound put on a mixed performance on Tuesday, declining modestly against the Euro but gaining on a broadly struggling US Dollar. Sterling came under pressure as the Bank of England’s Deputy Governor asserted that interest rates should remain at record lows until the level of slack in the UK’s employment sector is eroded. A lack of UK data did limit Pound movement, but tomorrow’s mortgage approvals report could have an impact.

US Dollar
A mixed bag of reports from the US saw the US Dollar fluctuate on Tuesday. While the nation’s Consumer Confidence index showed improvement, the level of Durable Goods Orders unexpectedly declined. Given that the Markit Services PMI also came in below forecast levels, the US Dollar extended its bearish run for a second day.

While Germany’s import price index registered an unexpected increase, the Euro struggled against the Pound for much of Tuesday. Dovish comments from the Bank of England’s Deputy Governor limited Sterling gains, but losses were tempered by bets Sterling’s recent run of losses had been excessive. The common currency was able to advance on the US Dollar however.

Australian Dollar
Overnight the Australian Dollar was bolstered by an improvement in the Roy Morgan Weekly Consumer Confidence Index. The gauge of sentiment advanced to a 12-week high, indicating that the slowing pace of global economic growth isn’t concerning consumers.

New Zealand Dollar
Ahead of the Reserve Bank of New Zealand’s interest rate announcement, the New Zealand Dollar was trending lower against the Pound. Further ‘Kiwi’ movement could be occasioned overnight by New Zealand’s Business Confidence and Activity Outlook figures.

Canadian Dollar
Disappointing US data helped the neighbouring Canadian Dollar advance and the ‘Loonie’ strengthened against the ‘Greenback’. The commodity-driven Canadian Dollar was little changed against the Pound having declined by 0.4% earlier in the European session. Tomorrow’s Canadian data could have an impact on the ‘Loonie’.
As of Tuesday, 28th October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2672, GBP USD exchange rate was 1.6142, GBP AUD exchange rate was 1.8219, GBP NZD exchange rate was 2.0376, and GBP CAD exchange rate was 1.8029.
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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