Good morning and welcome to today\u2019s foreign exchange market commentary on Thursday, the 15th of March.<\/p>\n
Markets remained range bound yesterday due to lack of economic data. Sterling had a mixed day yesterday, rallying against majority of its global peers in the morning before weaker than expected unemployment data reversed the gains.<\/p>\n
Among the day\u2019s important developments, ratings agency Fitch warned about a possible downgrade of British economy after Moody\u2019s made similar observations a month ago. Fitch said the country had a very limited fiscal space to absorb further economic shocks before revising outlook to negative from stable. British pound has been supported by a flight of capital as investors continued to choose safe-have gilts over crisis ridden Europe. The latest warning by Fitch risks a slowdown and limits finance minister George Osborne\u2019s options just a week ahead of Britain\u2019s budget.<\/p>\n
CURRENCY RATES OVERVIEW<\/strong><\/p>\n GBP\/EURO<\/strong> \u2013\u00a01.2001 EURO: The single currency weakened against the greenback as data from Europe remains feeble. Inflation remained high as energy prices continue to drive up cost of living. Industrial productions grew at a slower rate than predicted, thus weighing down the euro further. The EUR\/USD pair closed lower at 1.010 on Wednesday, but has retraced some of yesterday\u2019s losses to open at 1.3060 this morning. Sterling remained range-bound yesterday and the GBP\/EUR pair opened at 1.990 this morning.<\/p>\n USD: Sterling weakened against the USD yesterday with the GBP\/USD pair changing hands for 1.5672 compared with 1.5683 a day before. Though current account gap widened to $124 billion and import prices dropped by 0.4 percent in Feb., USD managed to march ahead due to the positive outcome of bank stress-tests. The dollar index, a barometer of the greenback\u2019s strength, rose to 80.596 from 80.231 the day before. The GBP\/USD pair opens at 1.5647 this morning.<\/p>\n","protected":false},"excerpt":{"rendered":" Good morning and welcome to today\u2019s foreign exchange market commentary on Thursday, the 15th of March. Markets remained range bound yesterday due to lack of economic data. Sterling had a mixed day yesterday, rallying against majority of its global peers in the morning before weaker than expected unemployment data reversed the gains. Among the day\u2019s important developments, ratings agency Fitch […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[110],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1614"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=1614"}],"version-history":[{"count":1,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1614\/revisions"}],"predecessor-version":[{"id":1615,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1614\/revisions\/1615"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nGBP\/US$<\/strong> \u2013 1.5669
\nGBP\/CHF<\/strong> \u2013 1.4544
\nGBP\/CAN$<\/strong> – 1.5554
\nGBP\/AUS$<\/strong> \u2013 1.4938
\nGBP\/ZAR<\/strong> \u2013 12.019
\nGBP\/JPY<\/strong> \u2013\u00a0131.18
\nGBP\/HKD<\/strong> \u2013\u00a012.1585
\nGBP\/NZD<\/strong> \u2013 1.9280
\nGBP\/SEK<\/strong> \u2013\u00a0 10.722<\/p>\n