GBP exchange rate was stronger against the Euro and several other major peers as the currency continued to receive support from Friday’s surprise general election result. Prime Minister David Cameron’s announcement on Sunday that Scotland will not be given another independence referendum eased market fears over a breakup of the UK. Investors will now be looking ahead to the release of the latest Bank of England quantitative easing and interest rate decisions.

US Dollar

The US Dollar firmed against most major peers as investors favoured the safe haven currency on renewed worries over the Greek situation and continuing signs that the global economy is slowing. The main data release due for the ‘Greenback’ this week will be Wednesday’s retail sales report.

The Euro

The Euro weakened against the Pound and other major peers as investors turned their attention to a meeting between Greece and European Union Finance Ministers. The markets are jittery as if a deal is not reached Athens will struggle to repay €770 million to the International Monetary Fund (IMF).

Australian Dollar

The ‘Aussie’ softened against several peers after data showed that business confidence in Australia remained unchanged in April. According to the National Australia Bank, its business confidence index remained unchanged for a third consecutive month.

New Zealand Dollar

The New Zealand Dollar fell sharply against the Pound and US Dollar as speculation rose that the Reserve Bank of New Zealand will cut interest rates next month. So far this month the ‘Kiwi’ has declined by more than 2.5% against the ‘Greenback’ on expectations of a cut.

Canadian Dollar

The ‘Loonie’ remained under pressure against its peers as last week’s disappointing employment data continued to weigh. The currency was also softer as economists speculated that a rebound in US shale oil production will limit the price recovery for crude oil.

South African Rand

The South African Rand weakened as it was weighed upon by last week’s disappointing confidence indicators. This week, economists are forecasting that data will show that activity in the mining and manufacturing sectors has slowed.