FX Update Today: Euro Stronger on German Trade Stats, Pound Fluctuates, US Dollar Softens

Published: 9 Dec at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling
Although the Pound softened against several of its most traded currency counterparts following the publication of the UK’s manufacturing/industrial production reports, the British currency was able to recover some of its losses as trading continued. NIESR’s growth estimate for November came in at 0.7%, unchanged from the previous month’s figure.

US Dollar
With a high-profile member of the Federal Reserve advocating patience on the subject of raising interest rates, the US Dollar fell on Tuesday. The ‘Greenback’ also came under pressure as a risk-off environment and plummeting oil prices drove investors towards the safe-haven Yen.

Euro
After Germany’s trade report showed that the nation posted a wider-than-anticipated trade surplus, with exports falling by less than expected, the Euro advanced on rivals like the Pound and US Dollar. Economic reports for the Eurozone are in short supply tomorrow so movement in the Euro will be inspired by global economic developments.

Australian Dollar
Falling Australian business confidence and bets that the Reserve Bank of Australia will cut interest rates twice in 2015 prompted a bit of an ‘Aussie’ selloff and the currency declined against most of its peers during local trading.

New Zealand Dollar
The soft Australian Dollar weighed on the New Zealand Dollar ahead of tomorrow’s Reserve Bank of New Zealand interest rate decision. The ‘Kiwi’ put on a mixed performance and could fluctuate further during the South Pacific session as New Zealand’s house sales/price reports are published.

Canadian Dollar
With the price of oil falling to a fresh five-year low, the commodity-driven Canadian Dollar spent Tuesday trending lower against many of its currency counterparts. The ‘Loonie’ had been little affected by Monday’s mixed domestic Housing Starts/Building permits data.

As of Tuesday, 9th December 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2661, GBP USD exchange rate was 1.5684, GBP AUD exchange rate was 1.89, GBP NZD exchange rate was 2.0393, and GBP CAD exchange rate was 1.7946.

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