GBP Advances On Weekend House Price Report
The Pound advanced against the Euro and US Dollar after a report released over the weekend showed that UK house prices increased for a 15th consecutive month in April suggesting that momentum in the UK property market has spread beyond the confines of London. With a lack of key data due for today Sterling is likely to remain supported throughout the session.
The US Dollar is holding steady against several major peers as investors look ahead to events later in what promises to be a data heavy week. The key mover for the ‘Greenback’ will come at the end of the week when the latest US jobs data is published. The data is expected to show that the labour market is continuing to recover. Events in Ukraine are also likely to be an important factor on the currency as tensions continue to rise.
The Euro is trading steadily against the US Dollar and several other peers as investors wait for the eagerly anticipated preliminary data on Eurozone inflation. The report could determine whether or not the European Central Bank introduces new stimulus measures.
The ‘Aussie’ is holding ground around the 93 cents mark. With no major domestic data due this week the currency will take direction from events overseas. Investors will be keeping an eye on events in Ukraine as a worsening of the situation is likely to reduce demand for riskier assets. US data due this week is also likely to have an impact upon the ‘Aussie’.
New Zealand Dollar
The New Zealand Dollar weakened against its major peers as concerns over Ukraine and last week’s positive data out of the USA weighed upon the ‘Kiwi’. The currency could recover some ground tonight if the latest trade balance data comes in better-than-expected.
The Canadian Dollar is little moved against several major peers as the currency was weighed upon by reduced demand for riskier assets as concerns over Ukraine heightened over the weekend. Losses were restrained however as the tensions saw the price of Canada’s biggest export crude oil rise.
South African Rand
The Rand fell to a three-week low against the US Dollar and was weaker against most other major peers due to demand for riskier emerging market currencies waned. Investors are staying clear of riskier assets due to global uncertainty about Ukraine, and the lack of a solution to a three-month strike in South Africa’s platinum mining sector has also kept the currency vulnerable.
Disclaimer: This update is provided by TorFX, a leading foreign exchange broker, its content is authorised for reuse by affiliates.
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.
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