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Higher UK Confidence Boosts Pound, Euro Supported by German Employment Stats

Published: 31 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
After the GfK Consumer Confidence gauge showed an improvement in UK sentiment, the Pound gained on several of its rivals. The index advanced from 1 in February to 4 in March. Whether or not Sterling holds on to these gains depends on today’s UK current account and GDP reports. Positive ecostats could help the Pound extend its rally.

A notable lack of progress in the Greek debt negotiations saw the Euro pare its recent advance on Tuesday. However, the common currency was later supported as German retail sales fell by less-than-expected in February and the nation’s unemployment rate slipped from 6.5% to 6.4%. Should today’s inflation report for the Eurozone show an acceleration in consumer prices, further Euro gains could be on the cards.

US Dollar
As Monday’s US core Personal Consumption Expenditure report exceeded expectations, the US Dollar consolidated previous gains against peers like the Pound and Euro. The day’s US Consumer Confidence Index for March is projected to remain unchanged, but a surprising increase would be ‘Greenback’ supportive.

Australian Dollar
A mixed bag of domestic reports ensured that the ‘Aussie’s bearish run continued during the Australasian session. The Australian Dollar fell by a further 0.6% against the US Dollar to hit a low of 0.7593.

New Zealand Dollar
An improvement in measures of New Zealand’s activity outlook and business confidence lent the ‘Kiwi’ support overnight. The New Zealand Dollar is currently trending in a narrow range against the Pound but struggling to exert itself against a bullish US Dollar.

Canadian Dollar
After the Bank of Canada stressed the serious negative impact of lower oil prices on the Canadian economy, the ‘Loonie’ softened against its US and British counterparts. We can expect additional Canadian Dollar movement in the hours ahead as Canada releases average weekly earnings and growth data.
As of Tuesday, 31st March 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3809, GBP USD exchange rate was 1.4829, GBP AUD exchange rate was 1.9462, GBP NZD exchange rate was 1.9872, and GBP CAD exchange rate was 1.8801.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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