Pound Sterling GBP/EUR
The Pound has fallen for a third-day against the Euro after Chancellor of the Exchequer George Osborne said that more austerity measures will be needed in order to fund tax cuts. His comments dampened demand for the currency. The Pound received a further knock after the latest services PMI report came in lower-than-expected.
Currently the Pound is trading in the region of 1.2029 against the Euro and 1.6414 against the US Dollar.
US Dollar USD/EUR
The ‘Greenback’ fell to session low on Monday afternoon against the Euro after data showed that the world’s largest economy’s service sector saw a surprise fall in December. The Institute of Supply Management said its non-manufacturing purchasing manager’s index declined to 53.0 in December from 53.9 in November. Economists had been expecting a rise to 54.5.
Currently the US Dollar is trading in the region of 0.6093 against the Pound and 0.7330 against the Euro.
The Euro
The Euro firmed against the majority of its most traded peers due to the release of positive PMI data out of Spain and as Portugal showed posted better than forecast business and consumer confidence data. The currency also benefited from the publication of disappointing data in the UK and USA.
Currently the Euro is trading in the region of 0.8310 against the Pound and 1.3641 against the US Dollar.
Australian Dollar AUD/EUR
Against the Euro and US Dollar the Euro remained soft after coming under pressure from the release of data which hinted that China, Australia’s biggest trading partner had a slow start to the New Year. Against the Pound the ‘Aussie’ was able to push higher after demand for Sterling was hit by negative comments made by Chancellor George Osborne.
Currently the Australian Dollar is trading in the region of 0.5456 against the Pound, 0.6568 against the Euro and 0.8958 against the US Dollar.
Canadian Dollar CAD/EUR
The Canadian Dollar fell against the Euro and other major peers due to comments made by Canadian Finance Minister Jim Flaherty. The Minister said that he expects Canada to post a larger-than-expected budget surplus in 2015-16 and manufacturing in the country will benefit from a weaker currency.
Currently the Canadian Dollar is trading in the region of 0.5707 against the Pound, 0.6868 against the Euro and 0.9369 against the US Dollar.
