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Mon 1 Jun 2020 09:58GMT

Pound Softer Against US Dollar, Canadian Dollar Movement Ahead

Published: 30 Mar at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Greece,

Pound Sterling (GBP)
The day’s UK reports, Net Consumer Credit and Mortgage Approvals, had little impact on the Pound Sterling exchange rate on Monday. The British asset is more likely to experience volatility later in the week in response to UK consumer confidence, manufacturing and construction figures.

Euro (EUR)
Although the Euro remained under pressure as creditors discussed the latest Greek reform proposals, the common currency did benefit from improvements in the Eurozone’s Economic Confidence, Services Confidence and Business Climate indicators. Further common currency volatility could be sparked by Germany’s inflation numbers.

US Dollar (USD)
On Friday Federal Reserve Chairwoman Janet Yellen asserted that the Fed is on track to raise borrowing costs later this year. Her comments gave the ‘Greenback’ a boost and helped to make up for slightly disappointing final fourth quarter growth data. Today’s US Personal Consumption numbers could prove influential.

Australian Dollar (AUD)
The Australian Dollar was stuck trading in a weaker position against a number of its currency counterparts thanks to last week’s fall in the price of iron ore (a major Australian commodity). Bets that the Fed will raise interest rates this summer also reduced demand for higher-risk assets like the ‘Aussie’. New Home Sales data could have an impact on Australian Dollar trading during the local session.

New Zealand Dollar (NZD)
Last week economic reports for New Zealand were in short supply, leaving movement in the New Zealand Dollar up to commodity price shifts and global economic developments. The New Zealand Dollar followed its Australian relation lower and was adversely affected by improved Federal Reserve interest rate hike bets.

Canadian Dollar (CAD)
Today’s Canadian Industrial Product Price and Raw Materials Price Index could cause ‘Loonie’ volatility later today. The commodity-driven currency slid last week after the price of crude oil fell by -0.4%. The price of oil will continue to impact the Canadian Dollar this week.
As of Monday, 30th March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3674, GBP USD exchange rate was 1.4809, GBP AUD exchange rate was 1.9342, GBP NZD exchange rate was 1.9755, and GBP CAD exchange rate was 1.8776.
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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