Because of a lack of data on the UK economy yesterday, the Britsh Pound did not exhibit strong momentum, balancing between the gains and losses relative to its major counterparts.
In the middle of present trading week, Gold registered a marginal negative development after a three-day long streak of gains, which seemed more as a correction.
For a ninth consecutive day in a row, the Euro continued declining on a day-by-day basis, as on Wednesday it managed to gain value only against the Japanese yen by 0.31% while declining versus the others.
The US Dollar turned out to be resilient to the negative data, underperforming only relative to the Yen (-1.04%) and to the New Zealand Dollar (-0.97%).
The data on the UK economy still do not give a good reason for the market to change its attitude towards the Sterling, which is being sold-off.
Yesterday, market failed to show the same tendency for all commodities, as number of ones that declined was equal to a number of daily gainers.
On Tuesday of this week, the shared currency traded in the mixed environment against its main counterparts, as an increase versus the British pound and Canadian dollar by 0.29% and 0.26% was offset by a more noticeable decline against others.
On Monday, the bullion was among three main commodities on the exchange market to increase in value.
In the beginning of new working week on January 5, the shared currency was unable to withstand bearish pressure across the board, as it dropped in value against its all major counterparts.
The US Dollar was not among the main movers yesterday due to a lack of fundamental data, rising 0.58% versus the Euro and at the same time losing 0.71% against the Yen.
The British Pound underperformed most of its peers amid the continuing string of negative data, staying relatively unchanged only against the Euro and the Swiss Franc, as demand for the former was depressed as a result of disappointing German inflation figure.
On the first working day of the New Year, the bullion used to be the second-best performer among all main commodities on the market.
On Friday of the previous week, the single European currency recovered versus the majority its counterparts, even though overall daily changes were rather small.
After performing poorly on Wednesday the US Dollar outperformed all of its major counterparts, jumping 1.65% versus Sterling and 1.50% versus loonie, even though the fundamentals did not favour the currency.
The British Pound was Friday's worst performer, losing nearly 1.7% against the best performer, the US Dollar, and 0.19% aganst the second worst performer - Canadian Dollar, as the market reevaluated the probability of the 2015 rate hike by the Bank of England and the fundamental news surprised to the downside.
The US Dollar was the worst performer of Thursday behind the New Zealand Dollar, though we must note the depreciation was minimal, -0.12% versus the Aussie and -0.09% versus the loonie.
Understandably, yesterday's changes in the currency pairs were minimal.
On December 31, the bullion continued to be increasingly volatile for a fourth consecutive day, even despite New Year holidays, which usually decrease trading volumes.
On the last day of the year 2014, the single European currency slipped for a fourth consecutive day.
Although Tuesday's data revealed the US economy keeps recovering, the market turned out to be somewhat disappointed with the numbers and sold the US Dollar off.
Yesterday, the price of Gold increase substantially, as the yellow metal managed to gain 1.46% during the trading day, which is usually calm in terms of price movement due to Christmas and New Year holidays.
As yesterday's news were neither positive nor negative for the British Pound, the currency balanced between the gains and losses.
The single European currency has been losing value against other major currencies for a third consecutive day in a row.
Overall the Japanese Yen preserves the bearish momentum, as it is losing value against the majority of its counterparts.