Published: 30 Mar at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany,
The Pound (GBP) rose against the Euro but fell against the US Dollar and Australian Dollar today as Sterling investors brace themselves for another week of coronavirus-led market volatility.
GBP also failed to benefit from Downing Street’s epidemiological advisor, Neil Ferguson, who said that UK coronavirus cases had shown some signs of slowing down.
The Euro (EUR) fell after Germany
’s core inflation report slowed sharply in March, falling well below the European Central Bank’s target and exacerbating fears of the Eurozone’s economic fallout throughout the coronavirus pandemic.
Today also saw the Eurozone’s economic sentiment report fall to a record-low this month, further dampening market demand for the single currency.
The US Dollar (USD) edged higher today after last week’s record lows. This follows US President Donald Trump’s signing into law the Federal Reserve’s record-breaking $2 trillion stimulus package to help bolster the American economy.
USD has also benefited from dampening risk sentiment. Investors are flocking to safe-haven currencies as the coronavirus pandemic continues to unfold, ravishing weaker economies and increasing demand for more liquid assets.
Australian Dollar (AUD)
The Australian Dollar (AUD) has suffered from a slump in risk-sentiment today, with concerns now rising that Australia
’s economy could continue to deteriorate.
Some analysts are also predicted an above 20% decrease in Australia’s economy in the fourth quarter. However, as China
continues to show signs of recovery following the nation’s earlier coronavirus outbreak, we could see the ‘Aussie’ begin to claw back some of its losses.
The New Zealand Dollar (NZD) is also suffering today as New Zealand remains under lockdown. Consequently, ‘Kiwi’ traders are becoming increasingly for the health of its economy going forward.
NZD investors will be awaiting today’s release of February’s NZ building permits. If these show any signs of deterioration – even before the coronavirus took hold of the nation – we could see the New Zealand Dollar sink as the economic outlook darkens.
Canadian Dollar (CAD)
The oil-sensitive Canadian Dollar (CAD) came under severe downwards pressure today as oil prices plummeted to 18-year lows.
Last week also saw the Bank of Canada
(BoC) claim that the coronavirus provided a serious threat to the Canadian economy.
As a result, investors are remaining wary of the Canadian Dollar as sinking oil prices continue to sap the economy’s strength.
As of Monday, 30th March 2020, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1222, GBP USD exchange rate was 1.2393, GBP AUD exchange rate was 2.009, GBP NZD exchange rate was 2.0597, GBP CAD exchange rate was 1.7557, and GBP CNY exchange rate was 8.7992.