The Pound Sterling gave up some of the gains it achieved against the Euro on Tuesday after Greek officials eased concerns that the country will default on a debt repayment due on June 5. The Pound firmed against the US Dollar due to the release of mixed economic data releases out of the world’s largest economy. Investors will now focus on the Queen’s speech to parliament for direction. The speech will outline the Conservative government’s plans for the coming parliamentary session.

US Dollar

The US Dollar softened against most of its major peers as investors embarked on a round of profit taking following the release of mixed economic data. Further losses were restrained by data showing that US business investment plans increased and consumer confidence improved. The positive reports supported expectations that the Federal Reserve will vote to raise interest rates this year.

The Euro

The Euro firmed against the Pound and other peers due to Greek officials playing down the threat of a default. The Greek government announced that it was confident that it would be able to repay the money owed to the International Monetary Fund. The single currency also received support from the release of positive German consumer confidence data but further gains were restrained as French confidence missed expectations.

Australian Dollar

The ‘Aussie’ firmed against the US Dollar due to the release of Tuesday’s mixed US data releases. Against the Pound, however, the currency was softer as data released by the Australian Bureau of Statistics said that construction work in the country declined by 2.4% in the first quarter.

New Zealand Dollar

The New Zealand Dollar weakened against the Pound, Euro and other major peers as a stronger US Dollar continued to weigh. Further declines are likely as investor attention focuses on tomorrow’s release of the minutes of the Fonterra Cooperative Group’s latest board meeting. The 2014/15 payout is forecast to be $4.50 per kilogram of milk solids, a plunge from last year’s record $8.40 per kg/MS.

Canadian Dollar

The ‘Loonie’ softened as oil prices dipped for a second consecutive day. Prices dropped due to signs that a global supply glut is far from over. Oil production in Saudi Arabia was shown to have risen to a new record high of 10.3 million barrels per day in April.

South African Rand

The South African Rand firmed against the Pound and US Dollar despite the release of weak domestic data and mixed ecostats out of the US. The cause for the currency’s rise was reduced concern over a possible Greek default.