Published: 31 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, Japan,
On Friday the Pound strengthened by over 0.5% against a struggling Euro. However, the British currency lost ground against peers like the US Dollar after investors trimmed their Bank of England rate hike bets and the UKâ€™s Consumer Confidence index declined unexpectedly. Before the close of European trading the Pound managed to claw back losses against both the Australian and New Zealand
This weekâ€™s positive US news, including the Federal Open Market Committeeâ€™s decision to end quantitative easing and the stronger-than-anticipated US growth data, helped the â€˜Greenbackâ€™ broadly strengthen. The US Dollar was poised to post its fourth monthly gain against the Pound â€“ its longest run of gains against the currency since 2010.
On Friday a mixed batch of economic reports for the Eurozone caused fluctuations in the common currency. The Euro approached the close of local trading in a weaker position against most of its currency counterparts as Germany
â€™s poor retail sales result counteracted the positive impact of on-forecast Eurozone inflation figures.
Over the course of Australasian trading, the â€˜Aussieâ€™ pared recent gains against the US Dollar, sliding by 0.4% as Australian data came in at forecast levels. The South Pacific currency also came under pressure as the Bank of Japan announced the introduction of additional stimulus measures.
New Zealand Dollar
This weekâ€™s pessimistic Reserve Bank of New Zealand policy statement caused broad-based â€˜Kiwiâ€™ weakness, and the New Zealand Dollar failed to reassert itself before the close of the week. With domestic employment figures on the horizon next week, further New Zealand Dollar movement can be expected.
The â€˜Loonieâ€™ extended its bearish run on Friday after Canada
published disappointing growth figures. The Canadian economy was shown to have contracted by -0.1% on the month in August rather than stagnating as expected. Annual growth eased from 2.5% to 2.2%. The Canadian Dollar softened against the US Dollar and fell by 0.6% against the Pound.
As of Friday, 31st October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.2772, GBP USD exchange rate was 1.5995, GBP AUD exchange rate was 1.8179, GBP NZD exchange rate was 2.0535, GBP CAD exchange rate was 1.8021, and GBP JPY exchange rate was 179.6594.