Published: 29 Oct at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,
With UK mortgage approvals coming in below forecast levels, the Pound softened against almost all of its currency counterparts on Wednesday. The British asset was also feeling the pressure as a result of yet more dovish comments from prominent Bank of England officials. As both of the institutionâ€™s Deputy Governors have been vocal in their support for leaving interest rates on hold, the central bank is unlikely to make any adjustments to fiscal policy in the near future.
Yesterdayâ€™s disappointing US Durable Goods Orders data counteracted the impact of a positive Consumer Confidence reading and saw the US Dollar slide against the majority of its peers. The North American asset could extend declines tonight if the Federal Open Market Committeeâ€™s policy statement is dovish in tone.
A lack of economic reports for the Eurozone left the Euro softer against the New Zealand
Dollar but trending in a stronger position against the Pound and US Dollar as both currencies came under domestic pressures. Tomorrowâ€™s batch of influential data, including Germany
â€™s unemployment stats, is likely to cause Euro movement.
With disappointing US data upping the odds of the Federal Open Market Committee stressing the importance of keeping fiscal policy accommodative during tonightâ€™s policy statement, the Australian Dollar broadly strengthened. The AUD/USD exchange rate achieved a three-week high during the Australasian session.
New Zealand Dollar
A notable improvement in both New Zealandâ€™s Business Confidence and Activity Outlook figures gave the â€˜Kiwiâ€™ a boost overnight. The commodity-driven currency advanced on the â€˜Aussieâ€™, â€˜Greenbackâ€™ and Pound ahead of the Reserve Bank of New Zealandâ€™s interest rate announcement.
So far this week economic reports for Canada
have been lacking, leaving movement in the Canadian Dollar to be dictated by global economic developments. While todayâ€™s Canadian Industrial Product Price and Raw Materials Price indexes are low volatility, they could spark some â€˜Loonieâ€™ fluctuations.
As of Wednesday, 29th October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.2669, GBP USD exchange rate was 1.6003, GBP AUD exchange rate was 1.8254, GBP NZD exchange rate was 2.0568, and GBP CAD exchange rate was 1.7912.