The Pound fell against the Euro in the afternoon after Bank of England policy maker Spencer Dale said that it will take a long time for the UK economy to strengthen enough to warrant a rise in interest rates. Sterling extended losses versus the 17-nation currency after a German report showed business confidence in Europe’s biggest economy surged to the highest level in 19 months.
Currently the Pound is trading in the region of 1.1973 against the Euro and 1.6197 against the US Dollar.
The ‘Greenback’ fell against the Euro due to the single currency receiving a boost from better than expected data out of Germany. Against its other peers the Dollar was mixed as Demand for the currency remained supported after preliminary data on Thursday showed that U.S. manufacturing activity improved to an eight-month high of 54.3 in November, while a separate report showed that jobless claims last week fell by 21,000 to a seasonally adjusted 323,000.
Currently the US Dollar is trading in the region of 0.6173 against the Pound and 0.7392 against the Euro.
The Euro strengthened against both the Pound and US Dollar after business confidence data for Germany beat forecasts. Economists ignored disappointing data from Italy choosing instead to focus on the positive news and to push the idea that the region is making a recovery. The single currency also remained supported after European Central Bank President Mario Draghi downplayed speculation that the bank was actively considering whether to cut deposit rates into negative territory.
Currently the Euro is trading in the region of 0.8352 against the Pound and 1.3528 against the US Dollar.
The ‘Aussie’ tumbled beyond a three-year low against Sterling and tumbled against the Euro after the Reserve Bank of Australia hinted that it could consider implementing monetary easing measures in attempt to further weaken the currency.
Currently the Australian Dollar is trading in the region of 0.5657 against the Pound, 0.6772 against the Euro and 0.9159 against the US Dollar.
The ‘Loonie’ fell to a new multi-year low against the Pound and softened against the Euro. The currency fell after inflation data came in below the Canadian Central Bank’s target. Better than expected retail sales data failed to support the ‘Loonie’. According to data released by Statistics Canada retail sales rose more than three times faster than what economists had been expecting.
Currently the Canadian Dollar is trading in the region of 0.5867 against the Pound, 0.7022 against the Euro and 0.9498 against the US Dollar.