USD Exchange Rate Drops Following New Data ReleaseApril 17, 2015 2:14 pm
The Sterling has gained strength towards the end of this week against both the EUR and USD. The General Election is still causing volatility in the currency markets this month. I think this will remain the case until the general election results come through after the 7th May. The GBP did drop this week to a five year low against the USD.
The EUR continues to remain weak against the USD and GBP throughout the beginning of 2015. Rising exports have helped with widening the Eurozone’s economy since February. Greece’s financing are still having an effect on the weakened currency.
The USD has become weaker this week due to new economic data coming out which shows slower growth than expected for this quarter. The EUR and GBP has seen a gain on this. Retail sales reports that had come out appeared weak. Industrial production had also fallen with the largest drop since August 2012 this week.
The CAD has had a strong week this week, soaring to an interbank rate of 1.5 today. A bounce back in oil prices has caused the CAD to gain this strength against other currencies. Oil prices were up due to new data that had come out from the U.S showing that drillers are stopping new drilling due to cratering prices.
Categorised in: News
This post was written by Illy Foster