The Pound fell to a one-week low against the US Dollar and retreated against the Euro after the Bank of England refrained from altering interest rates and as strong data out of the USA bolstered demand for the ‘Greenback’. The Euro pushed away from an 11-month high after the ECB didn’t mention negative rates in its policy statement.
Currently the Pound is trading in the region of 1.1958 against the Euro and 1.6305 against the US Dollar.
The ‘Greenback’ fell against the Euro after the comments made by European Central Bank President Mario Draghi and the release of globally positive U.S. economic reports. The currency found support from jobs and GDP data which showed that the world’s largest economy is making a solid recovery. It lost ground however after data showed that U.S. factory orders fell 0.9% in October, less than the expected 1% decline, after an upwardly revised 1.8% increase the previous month.
Currently the US Dollar is trading in the region of 0.6133 against the Pound and 0.7324 against the Euro.
The Euro made gains against the Pound and US Dollar after the ECB refrained from cutting interest rates. The currency jumped after the Central Bank announced that it had revised its growth forecasts for 2014 upwards.The currency also received a boost from comments made by ECB President Mario Draghi. The Central Bank President did not make any mention of negative interest rates, putting investors at ease.
Currently the Euro is trading in the region of 0.8372 against the Pound and 1.3653 against the US Dollar.
The ‘Aussie’ is still trading close to a three-month low against the US Dollar and slipped to a four-year low against the Pound after yesterday’s GDP data disappointed. Data released showed that the Australian trade deficit widened from A$284 million to A$529 million in October.
Currently the Australian Dollar is trading in the region of 0.5546 against the Pound, 0.6623 against the Euro and 0.9044 against the US Dollar.
The Canadian Dollar fell to its lowest level in four years against the Euro following the release of positive US data and as ECB President Mario Draghi put investors at ease by not mentioning negative rates. The currency found some support from data which showed that building permits leapt to 7.4% in October from 4.1%. A PMI report however came in below expectations.
Currently the Canadian Dollar is trading in the region of 0.5763 against the Pound, 0.6884 against the Euro and 0.9399 against the US Dollar.