Sterling weakens against majority of currencies

Published: 26 March, 2012

Sterling had a poor day on Friday weakening off against the majority of currencies; but, strengthening against the US dollar.

Currency rates - March 26

EURO/GBP - 1.1968

US$/GBP - 1.5861

CHF/GBP - 1.4422

CAN$/GBP - 1.5834

AUS$/GBP - 1.5183

ZAR/GBP - 12.207

JPY/GBP - 131.12

HKD/GBP - 12.3236

NZD/GBP - 1.9436

SEK/GBP - 10.689

AED/GBP - 5.8248

US$/EURO - 1.3251

INR/GBP - 81.40

The only significant data revealed on Friday showed that nationwide consumer confidence was worse than expected creating yet more negativity towards the state of the UK's economy. The main data out of this week is the trade balance figures and the final quarterly GDP data.

The euro had a mixed day on Friday strengthening against the US dollar but, weakening off against the majority of other currencies. Contagion fears spread in the eurozone as Spanish bond yields rose on Friday creating more rumours that Spain could be the new Greece. The main release this week is the German business climate index, any variation from the expected values could create volatility in the market.

The US dollar also had a very poor day on Friday, weakening off against the majority of currencies as data revealed that the number of new home sold was less than anticipated. This week there is a raft of data out of the US including more labour data in the form of unemployment claims, US consumer confidence and the Chairman of the Federal Bank is also speaking.

Elsewhere, the Canadian dollar weakened off against the US dollar as data revealed that the price of goods and services purchased by consumers in Canada rose by more than the markets had predicted. This week's main data includes trade balance figures from New Zealand, New Zealand's business confidence index and Canadian GDP data.

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