The US Dollar was unable to push higher against the Pound on Thursday despite the release of better than forecast jobless claims data.
Sterling found support earlier in the session after data showed that the UK’s budget deficit narrowed in October and the number of new factory orders soared to an 18-year high. The data added further weight to the UK’s economic recovery and increased speculation that the Bank of England could raise interest rates sooner than expected.
Against the Euro the Dollar was trading softer following comments by ECB President Mario Draghi. The Central Bank President said that the Bank factored in the possible risks from making a cut to interest rates and planned accordingly when it cut rates to a new record low earlier in the month. Draghi also eased investor worries regarding negative interest rates.
“Don’t try to infer anything from what I say, anything about the possibility of negative rates was discussed in the last monetary policy meeting and there’s no more news since then. Let me make this clear,” Draghi said.
The ‘Greenback’ climbed against the commodity and emerging market currencies as well as hitting a fresh four-month high against the Japanese Yen. The US Dollar found support from data which showed that the number of US citizens claiming unemployment benefits fell to its lowest level in nearly two-months.
Claims fell by 21,000 to 323,000, the fewest recorded since the end of September. The currency was restrained however by inflation data which showed that price rises were slowing. According to the Labour Department the producer price index dropped to 0.2% from the 0.15 recorded in the previous month.
The Canadian Dollar however fell after the Bank of Canada Governor Stephen Poloz said that low interest rates will be maintained until the national economy shows more signs that it is making a solid recovery.
Uncertainty as to when the Federal Reserve will cut its monetary easing programme is set to continue to impact the US Dollar for the foreseeable future or until the Fed actually comes to a decision.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6214
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7443
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0467
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6091
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3435
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9553
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7110
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5936
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6843
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0467
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4063
(Correct as of 14:25 pm GMT)
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