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US Dollar extends advance overnight

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US Dollar

Yesterday the US Dollar was boosted by unexpectedly strong retail sales figures. Overnight the ‘Buck’ extended its advance on almost all of its rivals as investors wait for Federal Reserve Chairman Janet Yellen to speak at a financial conference. Today’s US consumer price index could trigger volatility in the world’s most traded currency.

Pound Sterling

Ahead of the release of UK inflation figures the Pound was a little softer against the US Dollar and Euro. The British currency could fluctuate in response to the domestic CPI, but movement in the GBP/USD pairing is more likely to be driven by US consumer price data.

Euro

Euro losses occurred on Tuesday as European Central Bank President Mario Draghi asserted that if the common currency continued to climb the financial institution would have to introduce additional stimulus measures. Today the Eurozone’s trade balance figures could dictate the direction taken by the Euro in the hours ahead.

Australian Dollar

After minutes from the most recent Reserve Bank of Australia policy meeting showed that the central bank intends to hold interest rates for the foreseeable future, the Australian Dollar slid against its rivals. With Australia’s Westpac Leading Index and China’s GDP, industrial production and retail sales reports due for publication tomorrow further ‘Aussie’ movement can be expected as the week continues.

New Zealand Dollar

The ‘Kiwi’ slumped against peers like the ‘Greenback’ during Australasian trading as Fed Chairman Janet Yellen’s upcoming speech saw investors speculate on what direction the Federal Reserve intends to take with fiscal policy. New Zealand’s consumer price index is due out later today.

Canadian Dollar

While today’s Canadian manufacturing shipments and existing home sales data could cause ‘Loonie’ movement, US developments may also be responsible for fluctuations in the commodity driven currency. In February sales of existing Canadian homes climbed by 0.3 per cent.

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