Exchange Rates Now: GBP/EUR Tumbles before Eurozone CPI

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

Pound Sterling
The Pound remained trading well above the 1.54 level against the US Dollar as the UK’s gauge of Consumer Confidence held at the 12-year high of 4 recorded the previous month. However, even positive UK data wasn’t enough to prevent the Pound sliding against a broadly-stronger Euro.

Euro
Prior to the release of the Eurozone’s inflation data, the Euro was up over 0.5% against the Pound and 0.7% against the US Dollar. The belief that today’s CPI will confirm that the Eurozone moved out of negative territory kept the Euro buoyed even as Germany’s retail sales report fell flat.

US Dollar
Less-than-impressive US growth data exacerbated the ‘Greenback’s previous losses and the North American currency remained close to a three-month low against the Euro following the Federal Open Market Committee policy announcement. The central bank was slightly dovish in tone but did imply that the recent run of below-forecast US reports was largely due to temporary factors.

Australian Dollar
Despite broad-based US Dollar weakness, the Australian Dollar failed to hold above the 80 cents level overnight. Demand for the ‘Aussie’ eased as domestic export and import price figures printed below expected levels and if China’s upcoming Manufacturing PMI shows the decline expected the Australian Dollar could fall further.

New Zealand Dollar
The Reserve Bank of New Zealand chose to leave borrowing costs on hold at its latest meeting, as expected by economists. However, the central bank also implied that negative rate revisions could be on the horizon, so the ‘Kiwi’ broadly declined following the RBNZ announcement.

Canadian Dollar
A below-forecast Canadian Producer Price Index weighed on the ‘Loonie’ on Wednesday and the currency declined in spite of higher oil prices. In the hours ahead we can expect to see the ‘Loonie’ fluctuate as a result of domestic growth figures.
As of Thursday, 30th April 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3688, GBP USD exchange rate was 1.5349, GBP AUD exchange rate was 1.9428, GBP NZD exchange rate was 2.0183, GBP CAD exchange rate was 1.854, and GBP CNY exchange rate was 9.5208.

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