Sterling fell back below 1.41 against the Euro and lost around half a cent against the US Dollar on Wednesday as global economic developments bolstered the latter two currencies and disappointing UK data undermined demand for Sterling. The BBA Loans for Home Purchase report was the week’s most influential British data so although the figure hit a 14-month high, the fact that it was below forecasts had a slightly detrimental impact on the exhange rate of the Pound. Today’s CBI Reported Sales number may have a modest impact on GBP/EUR, GBP/USD exchange rate movement.

Euro

The common currency held its own against several of its most traded counterparts on Wednesday in spite of yet more conflict between Greece and its creditors. After its lenders rejected the Hellenic nation’s latest lot of proposals, Greek PM Alexis Tsipras took to Twitter to express his annoyance – and suspicions. But with a potentially decisive EU summit looming, the Euro continued trending in a narrow range against rivals like the US Dollar and Pound. The currency was little changed after Germany’s GfK Consumer Confidence index printed slightly below forecast levels.

US Dollar

After the US annualised first quarter growth figure was positively revised from -0.7% to -0.2% the US Dollar broadly advanced. The ‘Greenback’ pared some of these gains on Thursday but if upcoming US reports support the argument in favour of the Federal Reserve adjusting interest rates in September, the US Dollar could rally in the hours ahead.

Australian Dollar

Despite the lack of progress in Greek bailout negotiations and recent hints that the Federal Reserve is moving closer towards raising borrowing costs, the Australian Dollar was able to firm against the New Zealand Dollar, Euro and Pound on Thursday. Australia’s Job Vacancies figure printed at 2.1% in May, up from a revised 1.4% in April.

New Zealand Dollar

Profit-taking helped the New Zealand Dollar recover from recent five-year lows against the Pound as the week progressed and the South Pacific currency also recorded modest gains against the Canadian Dollar and Euro. Today’s trade data for New Zealand could cause some ‘Kiwi’ fluctuations before the weekend.