Pound Sterling GBP/EUR
The Pound fell to a two-week low against the Euro after a report showed that inflation in the UK fell below the Bank of England’s target of 2% for the first time since 2009. The UK consumer price index declined by 0.6 per cent in January, month on month, trimming the year-on-year CPI advance to 1.9 per cent from 2.0 per cent. Economists had expected a monthly dip of 0.5 per cent and no change to the annual level. Against the US Dollar, Sterling was able to recover some ground after the release of disappointing data.
Currently the Pound is trading in the region of 1.2137 against the Euro and 1.6713 against the US Dollar.
US Dollar USD/EUR
The ‘Greenback’ fell to a six-week low against the Euro after data showed that manufacturing activity in the New York region of the USA dropped sharply this month. The Federal Reserve Bank of New York’s general business index slumped to 4.48 this month, down from the 20-month high recorded in December and well below the 9.00 figure expected by economists.
Currently the US Dollar is trading in the region of 0.5963 against the Pound and 0.7269 against the Euro.
The Euro pushed beyond a six-week high against the US Dollar on Tuesday as a disappointing manufacturing report weighed heavily upon the US currency. The single currency was also able to strengthen against the Pound after inflation data out of the UK came in lower than expected. Investors widely ignored reports which showed that economic sentiment in Germany and the wider Eurozone fell this month as concerns over a decline in demand for European exports from the US and emerging markets grew.
Currently the Euro is trading in the region of 0.8231 against the Pound and 1.3753 against the US Dollar.
Australian Dollar AUD/EUR
The ‘Aussie’ remains close to a one-month high against the US Dollar but fell against the Euro as concerns over emerging markets and weaker than expected data out of the USA weighed on demand for riskier assets.
Currently the Australian Dollar is trading in the region of 0.5409 against the Pound, 0.6567 against the Euro and 0.9033 against the US Dollar.
Canadian Dollar CAD/EUR
The ‘Loonie’ weakened against the Euro but was little moved against its US relation after downbeat manufacturing data out of the USA and a worse than expected foreign securities purchases report out of Canada.
Currently the Canadian Dollar is trading in the region of 0.5465 against the Pound, 0.6635 against the Euro and 0.9125 against the US Dollar.